2023 Social Security and Medicare Tax
November 29, 2022
The Social Security Tax wage base will increase to $160,200 in 2023 from $147,000 in 2022. This means that the first $160,200 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 $160,200.
The Medicare Tax remains the same for 2022. Both the employee and the UW System 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.
For more information, see the Social Security and Medicare web page on the UW System Employee Benefits website.
Source: UW System Human Resources
Categories: Tax