Maximum Social Security Tax 2024 Withholding

Maximum Social Security Tax 2024 Withholding. There’s a maximum amount of compensation subject to the social security tax, but no maximum for medicare tax. For 2024, the social security tax rate is 6.2% (amount withheld) each for the employer and employee (12.4% total).

For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023). We raise this amount yearly to keep pace with increases in average wages.