Oasdi & medicare tax rates. That caps the maximum annual employee contribution at $10,453.20.
Keep in mind that this income limit applies only to the social. In 2024, the oasdi tax rate is 6.2% for employees.
The Maximum Amount Of Income Subject To The Oasdi Tax Is $168,600 In 2024.
The maximum income on which you’ll pay oasdi taxes for the 2024 tax year is $168,600 (up from $160,200 in 2023).
As A Result, In 2024 You’ll Pay No More Than $10,453 ($168,600 X 6.2%) In Social Security Taxes.
Earnings beyond this cap are not subject to the oasdi tax.
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What Is The Oasdi Limit 2024?
Base for 2024 under the above formula, the base for 2024 shall be the 1994 base of $60,600 multiplied by the ratio of the national average wage index for 2022 to that for.
The Social Security Administration (Ssa) Announced That The Maximum Earnings Subject To Social Security (Oasdi) Tax Will Increase From $160,200 To $168,600 In 2024 (An Increase Of $8,400).
The new tax regime, introduced in union budget 2020, aims to.