Irs Social Security Tax Cap 2024. Social security is financed by a 12.4 percent payroll tax on wages up to the taxable earnings cap, with half (6.2 percent) paid by workers and the other half paid by. Application period for the 2025 compliance assurance process (cap) program, which will run from sept.

This amount is also commonly referred to as the taxable maximum. For 2024, the social security wage cap will be $168,600, and social security and supplemental security income (ssi) benefits will increase by 3.2 percent.