Important news and information.

Social Security Changes

The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). The maximum Social Security employer contribution will increase by $520.80 in 2024.

For 2024, the FICA tax rate for both employers and employees remains 7.65% (6.2% for Social Security and 1.45% for Medicare). 

For 2024, an employer must withhold: 
  • 6.2% Social Security tax on the first $168,600 of employee wages (maximum tax is $10,453.20; i.e., 6.20% × $168,600), plus
  • 1.45% Medicare tax on the first $200,000 of employee wages, plus
  • 2.35% Medicare tax (regular 1.45% Medicare tax + 0.9% additional Medicare tax) on all employee wages in excess of $200,000. 

Contact your Sisterson representative with any questions.


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