Max Social Security Tax 2024 Withholding Table. We raise this amount yearly to keep pace with increases in average wages. The rate of social security tax on taxable wages is 6.2% each for the employer and employee.
This is up from $9,932.40 ($160,200 x 6.2%) in 2023. For 2024, the social security tax wage base for employees will increase to $168,600.
6.2% Social Security Tax On The First $168,600 Of Employee Wages (Maximum Tax Is $10,453.20;
Social security category employee employer total;
In 2024, This Limit Rises To $168,600, Up From The 2023 Limit Of $160,200.
In 2023, the limit was $160,200.
Rates For Employers And Employees;
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The Social Security Tax Limit Is Set Each Year.
If you are working, there is a limit on the amount of your earnings that is taxed by social security.
In 2024, The Maximum Amount Of Earnings On Which You Must Pay Social Security Tax Is $168,600.