2024 Social Security payroll tax threshold reaches $168,600, affecting millionaires' contributions.

In 2024, up to $168,600 of earnings will be subject to Social Security payroll taxes. Millionaires are expected to reach this threshold in March, meaning they won't contribute to the program for the rest of the year. This raises concerns among some lawmakers and high-net-worth individuals, as the taxable maximum determines when higher earners stop paying into the system.

March 02, 2024
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