The maximum amount of social security tax an employee will have withheld from. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822.
Only the social security tax has a wage base limit. That’s what you will pay if you earn $168,600 or more.
What Is The Maximum Possible Social Security Benefit In 2024?
How much your receive depends on several factors, including the age when you retire.
Even If You Contribute 5%, The Employer Still Only Contributes 3%.
So, if you earned more than $160,200 this last year, you didn’t have to.
Images References :
The Maximum Amount Of Social Security Tax An Employee Will Have Withheld From.
(for 2023, the tax limit was $160,200.
For 2024, The Contribution And Benefit Base Is $168,600.
The highest social security retirement benefit for an individual starting benefits in 2024 is $4,873 per month, according to the social security administration.