Social Security Max 2024 Withholding Rate. 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). The wage base or earnings limit for the 6.2% social security tax rises every year.

For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023). For earnings in 2024, this base is $168,600.