Social Security Tax
Social Security withholding — 6.2% of gross wages up to the annual wage cap. Same as OASDI.
Who pays it
All W-2 employees. SS, OASDI, and FICA-SS all refer to the same Social Security tax.
How much
6.2% of wages up to the annual wage base ($168,600 in 2024).
Where it appears on your W-2
Box 4 (tax withheld), Box 3 (wages it applied to).
Tax impact
Not deductible. Doesn't reduce federal taxable income. Wages subject to SS often exceed wages subject to federal income tax because pre-tax 401(k) reduces federal wages but not SS wages.
Common questions about SS
Why are my SS wages (Box 3) higher than my taxable wages (Box 1)?
Pre-tax 401(k) and HSA contributions reduce Box 1 but not Box 3. They still count as Social Security wages.
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