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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 ...
The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this act, though they did change; only the employee's tax rate changes. This is reflected in the above table, showing the reduction from $6,621.60 to $4,485.60.
Each year, workers pay taxes on income up to a specific amount, called the wage base limit. In 2024, the limit is $168,600 annually, however, limits increase over time based on wage growth.
Social Security is funded by a tax set by statute. Employees pay 6.2 percent of their income, up to the maximum income limit ($168,600 in 2024), while your employer kicks in another 6.2 percent of ...
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 ...