Social Security Income Tax Limit 2024 Over 65. Your wages are subject to withholding for income tax, social security tax, and medicare tax even if you are receiving social security benefits. Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above.
Social security tax limit jumps 5.2% for 2024; As your total income goes up, you’ll pay federal income tax on a portion of the benefits while the.
