Social Security Tax Limit 2024 Withholding. Your wages are taxed at 1.45% for medicare and there's no limit on earnings. You can have 7, 10, 12 or 22 percent of your monthly benefit withheld for taxes.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The limit for 2023 and 2024 is $25,000 if you are a single filer, head of household or qualifying widow or widower with a dependent child.