Federal Tax, Tax

2024 Maximum Earnings Increase for Social Security Taxes

The Social Security Administration (SSA) has announced that for 2024 the maximum earnings subject to Social Security tax will increase $8,400, from $160,200 to $168,600. The $168,600 wage base for 2024 is slightly greater than the wage base forecasted by the SSA’s Office of the Chief Actuary back in April. In addition, the SSA announced that Social Security and Supplemental Security Income benefits will increase by 3.2%. These changes reflect cost-of-living adjustments to account for inflation. On average, Social Security retirement benefits will increase by more than $50 per month starting in late Dec. or early Jan. for nearly 71 million recipients, according to the SSA.  Contact the Cg Team with questions. © 2023