IRS Releases 2024 Publication 15-T "Federal Income Tax Withholding Methods" on Dec 19, 2024.
The Social Security maximum earning increases to $168,600 per year. In addition to withholding Medicare tax at 1.45%, you must withhold a 0.9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year.
| Tax |
Maximum Earnings |
Rate |
| Social Security Tax |
$168,600.00 |
6.20% for the employee and 6.2% for employer |
| Medicare |
Unlimited |
1.45% for employee and employer |
| over $200,000 ($250,000 for married couples filing jointly) |
Additional 0.9% for the part in excess of $200,000 in a calendar year. Employee only. |
The tax rate is still in 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The top marginal income tax rate of 37 percent will be above $615,350 for single filers and above $747,500 for married couples filing jointly.
The Publication 15-T is the same as its drafts version released on Dec 12, 2023.
Halfpricesoft.com has the latest 2024 federal tax table.