Max Payroll Tax 2024. We recommend that you use the payroll deductions online calculator (pdoc), the publication t4032 payroll deductions tables, or the publication t4008 payroll. This amount is also commonly referred to as the taxable maximum.
Below are federal payroll tax rates and benefits contribution limits for 2024. We call this annual limit the contribution and benefit base.
Beginning January 1, 2024, You Must Deduct The Second Additional Cpp Contributions (Cpp2) On Earnings Above The Annual Maximum Pensionable Earnings.
For earnings in 2024, this base is $168,600.
The 2024 Payroll Outlook Report,.
Thatโs up from the current number of $160,200.
The Wage Base Limit Is The Maximum Wage That's Subject To The Tax For That Year.
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The Report Covers Recent And Upcoming Payroll Developments For 2024.
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
For The Past Couple Of Decades, However, Fica Tax Rates Have Remained Consistent.
In 2024, the social security tax rate is 6.2% for.
So, Youโre Looking At A Potential $7,500 Increase In The Taxable Wage Base From This Year To Next.