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(reference: 2020 Publication 15 (irs.gov), Publications 15T, Recent 15T)

2023

Social Security Tax Rate

1. Social Security tax rate is the same as in 2021/22 - 6.2% (amount withheld) each for the employer and employee (12.4% total)

2. Social security wage base limit has increased to $160,200

Medicare Tax Rate

Medicare and Additional Medicare tax rates and limits (Additional Medicare) stay the same as in year 2020/ 2021/2022

401k Pension plan Contribution Rate

1. 401k Contribution limits has increased to $ 22 500 (from $ 20 500 in 2022)

2. 401k Catch-up limit remains the same - $ 7 500 (from $ 6 500 in 2022)

2022

Social Security Tax Rate

1. Social Security tax rate is the same as in 2021 - 6.2% (amount withheld) each for the employer and employee (12.4% total)

2. Social security wage base limit is $ 147 000

Medicare Tax Rate

Medicare and Additional Medicare tax rates and limits (Additional Medicare) stay the same as in year 2020/ 2021

401k Pension plan Contribution Rate

1. 401k Contribution limit has increased to $ 20 500 (from $ 19 500 in 2020)

2. 401k Catch-up limit remains the same - $ 6 500

2021

Social Security Tax Rate

1. Social Security tax rate is the same as in 2020 - 6.2% (amount withheld) each for the employer and employee (12.4% total)

2. Social security wage base limit is $ 142 800

2020

Social Security Tax Rate

1. Social Security tax rate is 6.2% (amount withheld) each for the employer and employee (12.4% total)

2. Social security wage base limit is $137,700

Medicare Tax Rate

1. 1.45% (amount withheld) each for the employee and employer (2.9% total)

2. There is no wage base limit for Medicare Tax; all covered wages are subject to Medicare Tax

3. Additional Medicare Tax withholding

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