Social Security Tax Calculator
Calculate annual OASDI Social Security taxes for W-2 employees (6.2%) and self-employed individuals (12.4%), incorporating the 2024 $168,600 wage base limit.
2024 Social Security Limit ($168,600 Cap)
OASDI Social Security Tax Formula
Taxable Wages = min(Annual Wages, $168,600) | W-2 Tax = Taxable Wages × 6.2% | Self-Employed Tax = Taxable Wages × 12.4% | Max 2024 W-2 Tax = $10,453.20- 2024 Wage Base Cap: In 2024, the statutory maximum earned income subject to Social Security tax is $168,600 (up from $160,200 in 2023).
- W-2 Tax Rate: 6.2% paid by employee, matched by 6.2% from the employer.
- Self-Employed Rate: 12.4% full OASDI rate (with a 50% income tax deduction).
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
Assumptions & Limitations
- Uses the official IRS/SSA 2024 statutory wage base cap of $168,600.
Frequently Asked Questions
What happens if I work two jobs and overpay Social Security tax?
Each employer must withhold Social Security tax up to the $168,600 cap. If your combined wages exceed $168,600, excess withholding is credited back to you on Line 31 of IRS Form 1040 as a refundable tax credit.
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