2023 Social Security Wage Cap Jumps to $160,200 for Payroll Taxes

ORIGINAL POST – https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/2023-wage-cap-rises-for-social-security-payroll-taxes.aspx This article has been updated. Starting Jan. 1, 2023, the maximum earnings subject to the Social Security payroll tax will increase by nearly 9 percent to $160,200—up from the $147,000 maximum for 2022, the Social Security Administration (SSA) announced Oct. 13. The SSA also posted a fact sheet summarizing the 2023 cost-of-living adjustments […]