Oasdi Max For 2024. The oasdi payroll tax is imposed on earnings creditable for social security purposes up to an annual taxable maximum amount ($168,600 in 2024) that ordinarily increases each year with the growth in the nationwide average wage. That’s up from the current number of $160,200.
With last year’s inflation, the number jumped quite a bit. Taxpayers do not pay any oasdi tax on earnings that exceed $168,600.
So, You’re Looking At A Potential $7,500 Increase In The Taxable Wage Base From This Year To Next.
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2023 And 2024 Trustees Reports.
Base for 2024 under the above formula, the base for 2024 shall be the 1994 base of $60,600 multiplied by the ratio of the national average wage index for 2022 to that for 1992, or, if larger, the 2023 base of $160,200.
Taxpayers Do Not Pay Any Oasdi Tax On Earnings That Exceed $168,600.
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This Amount Changes Each Year — The Annual Oasdi Limit For 2024 Is $168,600.
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For Last Year’s Report, Projected Oasdi Cost For 2098 Was 17.77 Percent, Or 4.36 Percent Of Payroll More Than The Annual Income Rate For That Year.
