On October 13, the Social Security Administration (SSA) announced that the 2023 social security wage base will be $160,200, which is an increase of $13,200 from $147,000 in 2022 [SSA, Press Release, 10-13-22]. The SSA Fact Sheet is available at https://www.americanpayroll.org/compliance/compliance-overview/annual-irs-annoucements.

Maximum social security tax. The maximum social security tax employees and employers will each pay in is $9,932.40, an increase of $818.40 from $9,114.00 in 2022.

Courtesy of the APA – Jyme Mariani, Esq.