Social Security Tax Limit 2024 Withholding. Social security and medicare tax for 2024. Of course, both employers and employees pay the 6.2% social security tax rate, which means there could be a max payment next year of:
In 2024, the social security tax limit rises to $168,600. You are not required to pay any social security tax past the wage base limit, which for 2024 is $168,600, up from $160,200 in 2023.