2024 Social Security Wage Limit Increase. That means that the maximum amount of social security tax an employee will pay. The social security administration recently announced that the wage base for computing social security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).
The wage base or earnings limit for the 6.2% social security tax rises every year. On average, social security retirement benefits will increase by more.