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U.S. Social Security Changes for 2023

18 October 2022

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Approved Changes

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United States

The U.S. Social Security Administration has published a factsheet on the 2023 Social Security Changes. For both employers and employees, the rate for the Social Security portion (OASDI) remains 6.20%, and the rate for the Medicare portion remains 1.45%. For the self-employed, the OASDI rate remains 12.4% and the Medicare rate remains 2.9% (15.30% combined rate). Further, for individuals with earned income of more than USD 200,000 (USD 250,000 for married couples filing jointly), the additional 0.9% in Medicare taxes continues to apply (2.35% total). The taxable earnings cap for OASDI is increased from USD 147,000 to USD 160,200. No...