Social Security Tax Limit Jumps 5.2% for 2024

Wealthier taxpayers will have more Social Security tax taken from their paychecks this year due to a wage base increase.

the word tax on three blocks with the A tilted
(Image credit: Getty Images)

The Social Security tax, withheld from each paycheck, stops once your income reaches a certain amount. That is due to the Social Security tax limit or "wage base," which is the maximum amount of earnings subject to Social Security tax. These taxes fund the Social Security program, which provides retirement, disability, and survivor benefits to eligible recipients. 

Along with a 3.2% cost-of-living (COLA) increase, the Social Security Administration (SSA) announced a 5.2% increase in the tax limit for 2024, leading to higher taxes for some wealthy taxpayers in this new year.

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Kelley R. Taylor
Senior Tax Editor,

As the senior tax editor at, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.