Social Security Limit 2024 Withholding Tax. The annual limit is $168,600 in 2024. Fica is a payroll tax, and it's short for the federal insurance contributions act.
The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600. So, if you earned more than $160,200 this last year, you didn’t have to pay the social security.