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      • The Social Security tax applied only to earnings of $3,000 or less in 1950 and earlier. The tax cap has increased over time to $51,300 in 1990 and $147,000 in 2022. Earnings above this amount are not subject to the Social Security payroll tax or factored into benefit payouts.
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  2. If you are working, there is a limit on the amount of your earnings that is taxed by Social Security. This amount is known as the “maximum taxable earnings” and changes each year. The maximum earnings that are taxed have changed through the years as shown in the chart below.

  3. Listed below are the maximum taxable earnings for Social Security by year from 1937 to the present. Year. Maximum Taxable Earnings. 1937-1950. $3,000. 1951-1954. $3,600.

    Year
    Maximum Taxable Earnings
    2024
    $168,600
    2023
    $160,200
    2022
    $147,000
    2021
    $142,800
  4. 2015 $118,500 12.4% 2.9% 2016 $118,500 12.4% 2.9% 2017 $127,200 12.4% 2.9% 2018 $128,400 12.4% 2.9% 2019 $132,900 12.4% 2.9%. 2020 $137,700 12.4% 2.9% 2021 $142,800 12.4% 2.9% 2022 $147,000 12.4% 2.9%. Source: Social Security Administration.

  5. Maximum Social Security Employee Share Maximum Social Security Employer Share Maximum Total Contribution to Social Security 2024: $168,600: 5.2%: $10,453.20: $10,453.20: $20,906.40 2023: $160,200: 9.0%: $9,932.40: $9,932.40: $19,864.80 2022: $147,000: 2.9%: $9,114.00: $9,114.00: $18,228.00 2021: $142,800: 3.7%: $8,853.60: $8,853.60: $17,707.20 ...

  6. Jan 3, 2019 · COLA. Social Security Benefits Increase in 2019. January 3, 2019 • By Jim Borland, Acting Deputy Commissioner for Communications. Reading Time: 2 Minutes. Last Updated: November 3, 2023. Each year we announce the annual cost-of-living adjustment (COLA).

  7. For 2019, they are: Semimonthly 175.00. Monthly. Quarterly. Semiannually. 350.00. 1,050.00. 2,100.00. Annually. Daily or Miscellaneous (each day of the payroll period) 4,200.00. 16.20. When employers use the Percentage Method Tables for Income Tax Withholding, the tax for the pay period may be rounded to the nearest dollar.

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