Fica Wage Limit 2024 Increase. Under hb 1430 (2023 act 196), effective january 1, 2024, the sui taxable wage is $7,000 when the ui trust fund is in excess of $600 million as of june 30 of the most recently. The wage base or earnings limit for the 6.2% social security tax rises every year.
As of 2024, employers and employees each pay 6.2% for social security and 1.45% for medicare. The medicare wage base will not have a dollar limit for 2024.