Social Security Wage Limit 2024 Percentage. The wage base or earnings limit for the 6.2% social security tax rises every year. For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023).

Starting with the month you reach full retirement age, you. Both the employer and employee contribute equally, paying around 6.2%.