Are you unknowingly overpaying Social Security taxes? The Social Security wage cap for 2021 is $142,800, meaning if you earn that much or more, you would only pay a certain amount of Social Security taxes. If you switch jobs and did not reach the limit with your previous employer, your new employer will not know and could continue to withdraw the same rate from your paychecks, resulting in you overpaying into the Social Security system. Learn how to check your Social Security tax withholding and ensure you’re paying the right amount with our tips.