Annual Social Security Tax Cap 2024. An individual who earns under $168,600 in 2024 pays a 6.2% social security tax rate on their entire income. Someone who earns $200,000 per year pays that same percentage on just the first.

So, if you earned more than $160,200 this last year, you didn’t have to pay the social security. For 2024, the social security tax limit is $168,600.

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