The Social Security tax rate is 12.4% of the employee’s gross income, up to a certain income limit. This limit, known as the wage base limit, changes yearly based on inflation and is $168,600 in 2024.
Employees at U.S. businesses are required to pay what are known as FICA taxes, often referred to as payroll taxes. Your FICA taxes impact your final net pay and are determined by the amount of your ...
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