2024 Social Security Wage Limit Increase. The social security taxable maximum is adjusted each year to keep up with changes in average wages. The 2024 tax limit is $8,400 more than the 2023 taxable maximum of $160,200 and $61,800.

Social security colas and wage base limits will never go lower, only remain the same or increase. That’s up about 5 percent from the $160,200 maximum.