2024 Fica Limit Wages 2024. Social security tax must be withheld at 6.2% until employees’ wages reach this limit. For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023).
The wage base or earnings limit for the 6.2% social security tax rises every year. As an employer, you are required to withhold 6.2% of each employee’s taxable gross wages to cover this tax, up to a maximum wage base limit.
