This amount is known as the “maximum taxable earnings” and changes each. As your total income goes up, you’ll pay federal income tax on a portion of the benefits.
So, if you earned more than $160,200 this last year, you didn’t have to. In 2024, the social security tax limit rises to $168,600.
Usd 10,453.20 Is The Maximum Amount Of Social Security Tax That Will.
Income tax budget 2024 live updates:
For 2024, The Social Security Tax Limit Is $168,600 (Up From $160,200 In 2023).
The percentage has been revised for both the years.
Images References :
The Wage Base Or Earnings Limit For The 6.2% Social Security Tax Rises Every Year.
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 Social Security Tax Cap For 2024 Is Usd 168,600, An Increase From Usd 160,200 In 2023.
So, if you earned more than $160,200 this last year, you didn’t have to.