Social Security Contribution Limit 2024 Over 55

Social Security Contribution Limit 2024 Over 55. Section 415 of the internal revenue code (code) provides for dollar limitations on benefits and contributions under qualified retirement plans. The social security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023.

Social security withholds $1 in benefits for every $2 in earnings above the cap. (last year, the tax limit was $160,200.