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For 2024, the Social Security tax limit is $168,600. Workers earning less than this limit pay a 6.2% tax on their earnings. Individuals with multiple income sources will want to track their...
The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). The maximum Social Security employer contribution will increase by $520.80 in 2024.
For 2024, the Social Security tax limit is $168,600. (Last year, the tax limit was $160,200. So, if you earned more than $160,200 this last year, you didn't have to pay the Social Security...
The wage base or earnings limit for the 6.2% Social Security tax rises every year. The 2024 limit is $168,600, up from $160,200 in 2023.
If you are working, there is a limit on the amount of your earnings that is taxable by Social Security. This amount is known as the “maximum taxable earnings” and changes each year. The maximum taxable earnings have changed over the years, as shown in the chart below.
The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes.
Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2022 through the third quarter of 2023, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 3.2 percent COLA for 2024.