Social Security Income Tax Limit 2024 Opm. In 2024, the social security tax limit rises to $168,600. It’s $4,873 per month if retiring at 70 and $2,710 for retirement at 62.
If this is the year you hit full retirement age, however, the rules are a little different. There is no earnings cap after hitting full retirement age.
Only The Social Security Tax Has A Wage Base Limit.
However, you’ll never pay taxes on more than 85% of your social security income, though the income brackets will vary by filing status.
There Is No Earnings Cap After Hitting Full Retirement Age.
You have received the fers annuity supplement survey to determine if you earned more than then exempt amount ($19,560 for 2022) set by the social security administration.
Social Security Income Tax Limit 2024 Opm Images References :
The Social Security Administration (Ssa) Announced That The Maximum Earnings Subject To Social Security (Oasdi) Tax Will Increase From $160,200 To $168,600.
For 2024, the social security tax limit has been set at $168,600, an increase from the $160,200 limit in 2023.
The Wage Base Or Earnings Limit For The 6.2% Social Security Tax Rises Every Year.
2024 brings encouraging news for those saving for retirement.