Social Security payroll tax maximum earnings increases

Posted On January 3, 2023 by admin

The maximum earnings subject to Social Security for 2023 is $160,200.  That is a 8.98% ($13,200) increase over the 2022 maximum earnings amount for 2022 of $147,000.

Employees (6.2%) and employers (6.2%) contribute equally to the Social Security taxes (12.4%). Thus, an employee who made $160,200 or more in 2022 and will make that much or more in 2023, will pay an additional $409.20 in Social Security taxes for 2023.