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Social Security Wage Limit 2024 Explained. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600.

 — social security wage base for 2024.  — over the past five years or so, the social security tax limit has increased by an average of about $3,960 a year.