2022 Social Security and Medicare Tax
November 22, 2021
The Social Security Tax wage base will increase to $147,000 in 2022 from $142,800. This means that the first $147,000 of an employee's taxable wages are subject to Social Security Taxes. An Employee and the UW System will each pay 6.2% on taxable wages up to $147,000.
The Medicare Tax remains the same for 2022. Both the UW System and the Employee pay 1.45% on all taxable compensation. Any taxable wages that exceed $200,000 ($250,000 for married couples filing jointly) are subject to an additional 0.9% tax.
Source: UW System Human Resources
Categories: Tax