2024 Social Security Tax Cap: What You Should Know{2024}

The government puts a cap on the income subject to Social Security tax, and for 2024, it’s set at $168,600β€”an increase from $160,200 in 2023. In 2024, the maximum Social Security tax deducted from an employee’s paycheck is $10,453.20, up from $9,932.40 in 2023. Until 2023, U.S. employees contributed 6.2% of their income up to … Read more