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2024 Social Security Tax Limit Cap. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. Earnings limit for workers who are younger than full retirement age (benefits reduced $1 for each $2 over the earnings limit) $21,240.

Over the past five years or so, the social security tax limit has increased by an average of about $3,960 a year. This means any income you earn above this cap won’t be subject to social security taxes for the year.