Social Security payroll tax maximum earnings increases

Posted On January 15, 2024 by admin

The maximum earnings subject to Social Security for 2024 is $168,600.  That is a 5.24% ($8,400) increase over the 2023 maximum earnings amount for 2023 of $160,200.

Employees (6.2%) and employers (6.2%) contribute equally to the Social Security taxes (12.4%). Thus, an employee who made $168,600 or more in 2023 and will make that much or more in 2024, will pay an additional $520.80 in Social Security taxes for 2024.