Irs Social Security Tax Limit 2024. This cap is the highest annual income subject to social security tax, and the closer your wages are to this limit, the higher your benefit will be. The federal government sets a limit on how much of your income is subject to the social security tax.

How retirement income is taxed by the irs; 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate).