Social Security Tax Wage Limit 2024 Opm. Beneficiaries younger than full retirement age can earn up to $22,320 in 2024 before. For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023).

This amount is known as the maximum taxable earnings and changes each year. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.