HR, Payroll and Benefits News

2024 Social Security Tax Wage Base Increase
November 10, 2023

The Social Security Tax wage base will increase to $168,600 in 2024 from $160,200 in 2023. This means that the first $168,600 of an employee’s taxable wages are subject to Social Security Taxes. An employee and the Universities of Wisconsin will each pay 6.2% on taxable wages up to $168,600.

The Medicare Tax remains the same for 2024. Both the employee and the Universities of Wisconsin pay 1.45% on all taxable compensation.

For more information, see the Social Security and Medicare web page on the Universities of Wisconsin Employee Benefits website.

Source: UW-Shared Services
Categories: Tax