2024 Social Security Tax Limit Cap

2024 Social Security Tax Limit Cap

This means that income above $168,600 is not. Social security is financed by a 12.4 percent payroll tax on wages up to the taxable earnings cap, with half (6.2 percent) paid by workers and the other half paid by.

The table below shows the annual increases in the social security tax cap from 2010 through 2024. We raise this amount yearly to keep pace with increases in average wages.