Social Security Max 2024 Tax Rate

Social Security Max 2024 Tax Rate. The individual tax brackets for ordinary income have been adjusted by inflation (table 1): The wage base or earnings limit for the 6.2% social security tax rises every year.

That limit is the maximum amount of income that counts. To fund social security, employers and employees each pay a payroll tax of 6.2% (for a combined 12.4%) of an employee’s annual earnings up to a certain level, known as the taxable maximum.