The Kiplinger tax team explained: the maximum Social Security tax is jumping from $9,932 to $10,453. That means you won't have to pay Social Security payroll tax on what you earn over $168,600. However, some wealthy taxpayers may see higher taxes in the new year, as the Social Security tax wage base in 2024 is rising by 5.2%. But Social Security taxes are rising in 2024, too If your birthday is after the 20th day of the month, you'll get paid on the fourth Wednesday. If your birthday is the 11th through 20th day of the month, you'll get paid on the third Wednesday. Generally, if the date of your birth is the first through 10th day of its respective month, you'll get paid on the second Wednesday of the month. In terms of when exactly you receive your payment, it continues to come down to the date of your birth, following Social Security's regular payment schedule. The 2024 COLA for Supplemental Security Income (SSI) recipients began December 29, 2023, as January 1 is a holiday, the SSA said. But when will you start getting the Social Security increase? The COLA goes into effect January 1.

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