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

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 announced. By the start of the new year, U.S. employers should adjust their payroll systems and notify affected employees that more of their pay will be subject to payroll withholding.
Source: New feed 2