Question

For Tax Year 2024, what is the amount employers are required to withhold from an employee's gross pay for social security tax and medicare tax?
1.45% social security tax up to a maximum base amount of $168,200, and 6.2% medicare tax with no maximum.
6.2% social security tax up to a maximum base amount of $148,000, and 1.45% medicare tax with no maximum.
6.2% social security tax up to a maximum base amount of $168,600, and 1.45% medicare tax with no maximum.
7.65% social security tax up to a maximum base amount of $168,600, and .09% medicare tax with no maximum.

Answer 1

6.2% social security tax up to a maximum base amount of $168,600, and 1.45% medicare tax with no maximum.