Oasdi Tax Cap 2024. For medicare's hospital insurance (hi) program, the taxable maximum was the same as that for the oasdi program. Budget 2024 widens income tax slabs under the new tax regime, increasing disposable income for taxpayers, benefiting salary earners and pensioners.

The taxable maximum for 2024 is $168,600, which increased from $160,200 in 2023. Modify cap on taxable earnings for social security the payroll tax rate of 12.4 percent is applied to all wages up to a designated income limit, which is adjusted annually.