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- Over the past five years, the wage base has gone up an average of $3,960 per year. But the wage base is going from $147,000 in 2022 to $160,200 in 2023. That's a year-over-year increase of $13,200 – the largest ever (just under a 9% increase) by a wide margin. As a result, the maximum Social Security tax possible jumps from $9,114 to $9,932.
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Oct 17, 2022 · The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security tax (Social Security wage base) will increase from $147,000 to $160,200 in 2023 (an increase of $13,200).
Oct 21, 2022 · So, for people making over $160,200 in 2023, they will be paying $818 more in Social Security taxes next year than they would have paid if the wage base remained at $147,000 ($573 more if...
- Rocky Mengle
2023 SOCIAL SECURITY CHANGES. Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2021 through the third quarter of 2022, Social Security and Supplemental Security Income (SSI) beneficiaries will receive an 8.7 percent COLA for 2023.
For the Old Age, Survivors and Disability Insurance (OASDI) tax or Social Security tax in the United States, the Social Security Wage Base (SSWB) is the maximum earned gross income or upper threshold on which a wage earner's Social Security tax may be imposed.
Oct 12, 2022 · Growth in the Social Security wage cap from $128,400 in 2018 to $160,200 in 2023 represents nearly a 25 percent increase over the past five years.
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Oct 13, 2022 · In 2023, retirees receiving Social Security benefits will be able to earn $56,520 in the year they reach full retirement age before their benefits are reduced by $1 for every $3 in earnings over the limit. That figure is an increase from $51,960 in 2022.
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023.
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