2024 Maximum Social Security Wages. People under full retirement age can earn up to $21,240 in 2023 while on social security without penalty. This amount is known as the “maximum taxable earnings” and changes each.
For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023). But retirees who receive the maximum social security payout will see much higher earnings, with their monthly checks jumping to $4,873 in 2024, according to the.