Social Security Limit 2024 Withholding. The law requires employers to withhold a certain percentage of an employee’s wages to help fund social security and medicare. Of course, both employers and employees pay the 6.2% social security tax rate, which means there could be a max payment next year of:

This limit changes each year with changes in the national average wage index. The wage base or earnings limit for the 6.2% social security tax rises every year.