2024 Social Security Tax Limited

2024 Social Security Tax Limited. The social security tax limit is the maximum wage due to the social security tax. We raise this amount yearly to keep pace with increases in average wages.

The social security wage base for 2023 is $160,200, and $168,600 in 2024. Cbo projects that if social security paid benefits as scheduled, spending on the program would increase from 5.1 percent of gross domestic product (gdp) in 2024 to 6.7 percent in 2098.