The Old-Age, Survivors, and Disability Insurance taxable wage base will increase to $160,200 in 2023, up from $147,000 in 2022, the Social Security Administration said Oct. 13 in a news release.
The maximum 2023 Social Security component of the Federal Insurance Contributions Act tax payable by each employee will be $9,932.40, or 6.2% of the taxable wage base, up from $9,114 for 2022. Employers match the employee amount with an equal contribution.
The Medicare tax rate remains 1.45% and is applicable to all wages paid during the year. An additional Medicare tax of 0.9% applies to individuals with annual ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.