024 Social Security Tax Limit Cap . Should We Raise the Social Security Tax Limit? YouTube This means that the maximum taxable earning amount is $168,600 It's estimated that only 6% of workers actually reach the tax cap each year
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This wage base limit means that only the first $168,600 of an individual's earnings are taxed at the Social Security rate of 6.2%. Maximum income is defined as gross earnings less flexible spending and employee medical plan payroll deductions
Social Security Tax Limit 2024 Rate Chart Teddi Chrysler It's estimated that only 6% of workers actually reach the tax cap each year For 2024, that maximum is set at $168,600, an increase of $8,400 from last year The Social Security tax limit is a key figure for taxpayers
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