Social Security Wage Limit 2024 Percentage

Social Security Wage Limit 2024 Percentage. This amount is known as the “maximum taxable earnings” and changes each year. The rate of social security tax on taxable wages is 6.2% each for the employer and employee.

For 2024, employees pay a 6.2% social security tax, so that would be about $430 on $6,900. If you are working, there is a limit on the amount of your earnings that is taxed by social security.