Social Security Tax Rate 2024 Self Employed. Employees and employers split the total cost. The social security administration recently announced that the wage base for computing social security tax will increase to $168,600 for 2024 (up from $160,200.


Social Security Tax Rate 2024 Self Employed

As your total income goes up, you’ll pay federal income tax on a portion of the benefits while the. The social security tax rate for employees and employers is 6.2% of employee compensation each for a total of 12.4%.

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