2025 Fica Gross Limit. Check the applicable social security wage base limit (for example, it is $160,200 for tax year 2023). You can calculate your fica taxes by multiplying your gross wages by the current social security and medicare tax rates.
For the 2024 tax year, the wage base limit is $168,600 (which is up from $160,200 in 2023). This means that gross income above a certain threshold is exempt from this tax.
The Change Is Effective For.
October 13, 2023 · 1 minute read.
The Board Projects That The 2025 Tax Limit Would Rise To $174,900.
Social security and medicare payroll withholding are collected as the federal insurance contributions act (fica) tax.
2025 Fica Gross Limit Images References :
Fica Stands For Federal Insurance Contributions Act, Which Includes 6.2% For Social Security Tax And 1.45% For Medicare Tax.
The recent report, released may 6 provides tax limit projections through 2033.
If Wages Exceed This Limit, Only The Portion Up To.
The board projects that the 2025 tax limit would rise to $174,900.