Social Security Limit 2024 Increase Over Time. During the first six months of 2024, the number of data breaches increased by nearly 500 per cent over the same period last year, the itrc found. The payroll tax, which accounts for 96 percent of social security’s revenues, is generally 12.4 percent of a person’s earnings up to a maximum annual amount ($168,600 in 2024).

The social security tax limit is set each year. The nation’s 72 million social security beneficiaries will get a raise starting in 2024 to keep their benefits aligned with inflation.