2024 Max Social Security Tax Deduction

2024 Max Social Security Tax Deduction. For employees, the maximum social security tax in 2024 is the product of the tax rate (6.2%) and the maximum taxable earnings ($147,000). For 2024, the social security tax limit is $168,600 (up from.

The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). 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 employee’s.