Social Security Tax Limit 2024 Withholding Meaning

Social Security Tax Limit 2024 Withholding Meaning. Elimination of federal income tax on social security benefits. 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.

The social security withholding rate is 6.2% for employees in 2024. We call this annual limit the contribution and benefit base.