The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic Details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed … Continue reading “The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024”