Social Security Tax Limit 2024 Over 50. Fifty percent of a taxpayer's benefits may be taxable if they are: Your wages are subject to withholding for income tax, social security tax, and medicare tax even if you are receiving social security benefits.

The 2024 limit is $168,600, up from $160,200 in 2023. The wage base or earnings limit for the 6.2% social security tax rises every year.