2024 Social Security Tax Limit

2024 Social Security Tax Limit. To fund social security, employers and employees each pay a payroll tax of 6.2% (for a combined 12.4%) of an employee’s annual earnings up to a certain level, known as the taxable. Calculating taxes on social security benefits.

The 2024 max social security tax limit is $168,600. We raise this amount yearly to keep pace with increases in average wages.