Maximum Social Security Tax 2024 Withholding. In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600. We raise this amount yearly to keep pace with increases in average wages.
So, if you earned more than $160,200 this last year, you didn’t have to pay. With combined income above $34,000 (single) or above $44,000 (joint filing), up to 85% of benefits can be taxed.
The Social Security Tax Rate.
What is the social security tax limit?
The Rate Of Social Security Tax On Taxable Wages Is 6.2% Each For The Employer And Employee.
So, for people making over $160,200 in 2023, they will be paying $818 more in social security.
Maximum Social Security Tax 2024 Withholding Images References :
We Call This Annual Limit The Contribution And Benefit Base.
What is the social security tax limit?
The Current Plethora Of Tds Rates And Provisions Engenders A Convoluted System That Needs Simplification.
The maximum amount of social security tax an employee will have withheld from their paycheck in 2024 is $10,453.20 ($168,600 x 6.2%).