Social Security Tax Wage Limit 2024 Tacoma. This is a significant jump from 2023โs. After an employee earns above the annual wage base, do not withhold money for social security taxes.
The 2024 social security tax limit has increased to $168,600, offering potential tax savings for higher earners by excluding income above this threshold from social security taxes. The internal revenue service has announced an increase in the social security wage base to $168,600, up from $160,000.