Social Security Tax Limit 2024 Withholding. The wage base or earnings limit for the 6.2% social security tax rises every year. The maximum amount of income that's subject to the social security tax is $168,600 in 2024.
The maximum earnings subject to the social security payroll tax will increase by nearly 9%, the social security administration announced. The rate of social security tax on taxable wages is 6.2% each for the employer and employee.