Hello,
What is the social security wage base for 2024? On my W2, box 1, there is higher amount than box 3 (a little over $6,000). Does this mean that anything above the SS wage base is then subject to federal income tax and therefore reported in box 1 (hence the larger amount). Please explain.
Thank You.
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Probably means that you have something like a health insurance premium that you are paying pre-tax which makes box 1 less than box 3.
The 2024 SS wage base is $168,600 with SS taxes withheld of $10.453.20
Thanks for your reply, Actually, box 1 is more than box 3, not less.
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