Social Security Tax Wage Limit 2024 Ny. Medicare’s cost will nearly equal that of social security by 2045. Thus, an individual with wages equal to or larger than $168,600.

For 2024, the fica tax rate for both employers and employees is 7.65% (6.2% for oasdi and 1.45% for medicare). The limit for 2023 and 2024 is $25,000 if you are a single filer, head of household or.