Fica Limit 2024 Dollar Amount In Tally. Social security is financed by a 12.4 percent payroll tax on wages up to the taxable earnings. If an employee’s income exceeds this limit, they will no longer be subject to the 6.2% social security tax for the.
You may have noticed fica taxes coming out of your paycheck, but what are they used for, and why do you have to pay them? The social security tax rate is applicable on income up to.