If you are working, there is a limit on the amount of your earnings that is taxed by social security. The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600.
Your social security benefits would be reduced by $5,000 ($1 for every $2 you earned more than the limit). Up to 85% of your social security benefits are taxable if:
For 2024, The Social Security Tax Limit Is $168,600 (Up From $160,200 In 2023).
In 2023, the limit was $160,200.
You File A Federal Tax Return As An Individual And Your Combined Income Is More Than $34,000.
For 2024, the social security tax limit is $168,600.
Images References :
For 2024, The Social Security Tax Limit Is $168,600 (Up From $160,200 In 2023).
You file a federal tax return as an individual and your combined income is more than $34,000.
In 2024, That Number Is $168,600.
The maximum amount of social security tax an employee will have withheld from.