Footnotes:
1. 2024 limits reflect issuance of IRS Notice 2023-75 (November 1, 2023) and the corresponding Social Security Administration News Release (October 12, 2023).
2. 2023 limits reflect issuance of IRS Notice 2022-55, 2022–45 I.R.B. 443 (November 7, 2022) and the corresponding Social Security Administration News Release (October 13, 2022).
3. This number is only the catch-up available under Code section 414(v). Code sections 457(b)(3) and 402(g) provide separate catch-up rules, which must also be considered in appropriate cases.
4. Beginning in 2013, there is also a 0.9 percent Additional Medicare Tax that applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year.
2024 limits reflect issuance of IRS Notice 2023-75 (November 1, 2023) and the corresponding Social Security Administration News Release (October 12, 2023).
2023 limits reflect issuance of IRS Notice 2022-55, 2022–45 I.R.B. 443 (November 7, 2022) and the corresponding Social Security Administration News Release (October 13, 2022).
This number is only the catch-up available under Code section 414(v). Code sections 457(b)(3) and 402(g) provide separate catch-up rules, which must also be considered in appropriate cases.
Beginning in 2013, there is also a 0.9 percent Additional Medicare Tax that applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year.