Social Security Employee Tax Maximum 2024au

Social Security Employee Tax Maximum 2024au. The social security administration recently announced that the wage base for computing social security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). The current superannuation guarantee (sg) rate is 11.5% of an employee’s standard earnings.

For employees, the maximum social security tax in 2024 is the product of the tax rate (6.2%) and the maximum taxable earnings ($147,000). The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.