For the 2024 tax year, the taxable income limit is $168,000 and for 2023, it is $160,200. Payroll taxes made easy.See Rippling OASDI tax for self-employed workers The OASDI tax applies to all workers, including those who are self-employed. There are two ways in which workers are ...
Workers earn a credit, known as a “quarter of coverage,” for every $1,640 on which they pay Social Security taxes in 2023 ($1,730 in 2024). The SSA limits credits to four per year regardless of annual income. How many credits you need depends on the type ...
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. Self-employed workers pay the fully combined 12.4% Social ...