Social Security Tax Limit 2024 Withholding Rate. Withholding taxes from your social security payments is one way to cover your potential tax liability before tax. You can choose a withholding rate of 7%, 10%, 12%, or 22%.
For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023). So, if you earned more than $160,200 this last year, you didn’t have to pay the social security.