Social Security Tax Limit 2024 Increase Or Decrease. Workers earning less than this limit pay a 6.2% tax on their earnings.  — the annual inflation rate for the united states was 2.9% for the 12 months ending july, compared to the previous rate increase of 3%, according to department of labor data.

(for 2023, the tax limit was $160,200. For earnings in 2024, this base is $168,600.