Social Security Max 2024 Deduction. You may then end up with total social security taxes withheld that exceed the maximum. The estimated average social security benefit for retired.
The social security tax rate for employees and employers is 6.2% of employee compensation each for a total of 12.4%. The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600.