Max Amount Social Security Tax 2024. You file a federal tax return as an individual and your combined income is more than $34,000. Earnings above that threshold aren't taxed for social security.
You file a federal tax return as an individual and your combined income is more than $34,000. As a result, the maximum social security tax jumps from $9,932 to $10,453.
The Wage Base Limit Is The Maximum Wage That's Subject To The Tax For That Year.
Earnings above that threshold aren't taxed for social security.
For Example, In 2024, If You Want To Receive The Maximum Social Security Amount When You Retire, You'll Need To Make At Least $168,800 Annually, An $8,400.
In 2024, this limit rises to $168,600, up from the 2023.
The Highest Social Security Retirement Benefit For An Individual Starting Benefits In 2024 Is $4,873 Per Month, According To The Social Security Administration.
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11 Rows If You Are Working, There Is A Limit On The Amount Of Your Earnings That Is Taxed By Social Security.
This amount is also commonly referred to as the taxable maximum.
The Social Security Taxable Maximum Is Adjusted Each Year To Keep Up With Changes In Average Wages.
We call this annual limit the contribution and benefit base.
We Raise This Amount Yearly To Keep Pace With Increases In Average Wages.