Maximum Social Security Tax 2024 Withholding Means. For earnings in 2024, this base is $168,600. The social security administration limits the amount of employee earnings that are subjected to social security tax each year.
The wage base limit is the maximum wage that’s subject to the tax for that year. This means the maximum possible social security withholding in 2024 is.
In 2024, This Limit Rises To $168,600, Up From The 2023.
Supplemental security income (ssi) benefits.
Ssi Pays Its Benefits On The First Day Of Every Month.
The social security wage cap is $168,600 in 2024, up from $160,200 in 2023.
Maximum Social Security Tax 2024 Withholding Means Images References :
11 Rows If You Are Working, There Is A Limit On The Amount Of Your Earnings That Is Taxed By Social Security.
So, if you earned more than $160,200 this last year, you didn't have to.
Summary Of Changes Coming In 2024.
The 2024 social security cap serves as a threshold beyond which no further social security taxes are levied on income.