According to a recent announcement from the Social Security Administration, the wage base used to calculate Social Security tax will rise to $160,200 for 2023 (from $147,000 for 2022). There is no Social Security tax on wages or self-employment income above this threshold. Fundamentals of Social Security Employers, employees, and self-employed individuals are all subject
Tag: social security wage base
Social Security Wage Base Will Increase in 2022
If your small business is planning for payroll next year, be aware that the Social Security wage base is increasing.
Social Security Wage Base is Increasing in 2021
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.