Social Security Limit 2024 Tax Exemption. For the 2024 tax year, the irs has announced inflation adjustments impacting more than 60 tax provisions. The wage base or earnings limit for the 6.2% social security tax rises every year.

We raise this amount yearly to keep pace with increases in average wages. The irs reminds taxpayers receiving social security benefits that they may have to pay federal income tax on a portion of those benefits.