The Social Security Administration announced the 2024 wage base used to determine the limit on the Social Security tax portion of FICA (for employees and employers) and self-employment tax (for self-employed individuals). For 2024, it is $168,600, up from $160,200 in 2023. This means that employers will pay an additional $520.80 in FICA tax for an employer earning over $160,200 and at least $168,600 in 2024; the employer also pays this additional amount. If you have high earnings in your company, adjust your 2024 budget accordingly. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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