Employees and employers each pay a 6.2% OASDI payroll tax on employee earnings up to a certain limit, called the taxable maximum or wage base [6]. Together, the employee and employer contributions equal 12.4% of the worker’s pay. Sel...
In 2024 the first $168,600 of earnings is subject to Social Security tax. In 2025, this will rise to $176,100.That means no one pays the OASDI payroll tax on any money earned over that amount regardless of their ...
In 2024 the first $168,600 of earnings is subject to Social Security tax. In 2025, this will rise to $176,100.That means no one pays the OASDI payroll tax on any money earned over that amount regardless of their total annual earnings. The Social Security Administration uses these taxes a...