Maximum Social Security Tax In 2024. In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600. If your combined income is more than $34,000, you will pay taxes on up to 85% of your social security benefits.
You file a federal tax return as an individual and your combined income is more than $34,000. 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).
As Its Name Suggests, The Social Security Tax Goes To The Social Security Program.
Benefits in 2024 reflect subsequent automatic benefit increases (if any).
If You Are Working, There Is A Limit On The Amount Of Your Earnings That Is Taxed By Social Security.
The maximum social security benefit in 2024 is $3,822 per month at full retirement age.
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The Maximum Social Security Employer Contribution Will Increase By $520.80 In 2024.
So, if you earned more than $160,200 this last year, you didn't have to pay the social security.