The maximum amount of social security tax an employee will have withheld from. Workers earning less than this limit pay a 6.2% tax on their earnings.
This amount is known as the “maximum taxable earnings” and changes each. This amount is also commonly referred to as the taxable maximum.
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).
We raise this amount yearly to keep pace with increases in average wages.
The Largest Ever Was 14.3% In The 1980S.
The limit is $22,320 in 2024.
Images References :
We Call This Annual Limit The Contribution And Benefit Base.
You file a federal tax return as an individual and your combined income is between $25,000 and $34,000.
For 2024, The Social Security Tax Limit Is $168,600.
This amount is known as the “maximum taxable earnings” and changes each.