2024 Social Security Tax Limits. 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. In 2023, the limit was $160,200.
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 2024 limit is $168,600, up from $160,200 in 2023.