Social Security Wage Base

The 2024 social security wage base is $168,600 which is an increase of $8,400 from the 2023 wage base of $160,200. The social security tax rate is 6.2%. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore, all covered wages are still subject to the 1.45% tax. Additionally, under the Patient Protection and Affordable Care Act, the Medicare tax rate will increase 0.9% (for employee withholding only) - from 1.45% to 2.35% - on wages over $200,000 effective for taxable years after December 31, 2012.