Social Security Tax Limit In 2024

Social Security Tax Limit In 2024. You are not required to pay any social security tax on income that goes past the wage base limit, which for 2024 is $168,600, up from $160,200 in 2023. In 2024, benefits rose by 3.2%.

For 2024, the social security tax limit has been set at $168,600, an increase from the $160,200 limit in 2023. Thus, an individual with wages equal to or larger than $168,600 would contribute $10,453.20 to the oasdi program in 2024, and his or her employer would contribute the same amount.