W2 tax form and Social Security cards

Social Security Wage Cap and Benefit Amounts Increase for 2023

For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustments to account for inflation.   Wage Cap for Social Security Tax The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the […]

Social Security Wage Cap and Benefit Amounts Increase for 2023 Read More ยป