2024 Inflation Rate For Social Security Tax. Up to 50% of your social security benefits are taxable if: In 2024, the income limits for every tax bracket and all filers will be adjusted for inflation and will be as follows (table 1).

The federal income tax has seven tax rates in 2024: The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.