2023 Changes to Payroll Taxes
Starting Jan. 1, 2023 the maximum earnings subject to the Social Security payroll tax will increase by nearly 9% 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 (COLAs).
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