Social Security Limit 2024 Salary. The 2024 limit is $168,600, up from $160,200 in 2023. The standard deduction of rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.

For 2024, the social security tax limit is $168,600. In a bid to give a boost to salaried taxpayers, finance minister nirmala sitharaman on tuesday increased the standard deduction limit from 50,000 to 75,000.