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More Income Will Be Taxed. 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 ...
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 increased to $168,600 in 2024 from $160,200 in 2023, which mainly impacts people with high salaries. Workers pay a 7.65% ...
And it's even more impactful for those on fixed-income sources like Social Security. ... up from the $168,600 limit in 2024. This means more income of some workers will be subject to Social ...
In 2024, the limit is $168,600 annually, however, limits increase over time based on wage growth. Earnings up to the limit become part of a worker's earnings record.
In 2024, that income would have been over the $59,520 annual limit, reducing your monthly payments. Starting in 2025, though, your earnings will fall below the new $62,160 annual limit -- assuming ...