Social Security Max Tax 2024 Increase. The social security wage base will increase from $160,200 to $168,600 in 2024. For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).
That means the maximum social security tax per worker will be rising by $1041.60 to $20,906.40, with $10,453.20 of that taken directly out of an employeeโs. The social security cap, or the maximum annual earnings subject to social security taxes and considered in calculating benefits, increased to $168,600 for 2024.