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Starting in 2024, the maximum taxable earnings will be $168,600. The vast majority of Americans earn less than $160,000 so this increase will impact only a small percentage of six-figure workers.
The maximum amount of earnings subject to the Social Security payroll tax will increase to $168,600 in 2024 from $160,200 in 2023, which will mainly impact those with high salaries. Workers pay a ...
As AARP explained, Social Security benefits are largely funded via payroll taxes — and that tax rate is 12.4% of earnings. While in 2023 earnings up to $160,200 were subject to this tax, in 2024 ...
In addition to the COLA, Tierney said, “Social Security also made its annual adjustments in other items for 2024, including the maximum taxable earnings amount ($168,600) and the earnings limit ...
If the total annual income is above $44,000, up to 85% of your Social Security income may be taxable. You can also use the IRS worksheet from Publication 915 to calculate how much of your Social ...
Taxes on Higher Income. The maximum amount of earnings subject to the Social Security payroll tax rose to $168,600 in 2024 from $160,200 in 2023. Some Americans have already felt the impact, while ...