2023 Social Security Tax Wage Base

Wealthier Americans will have more Social Security taxes taken from their paychecks next year because more of their income will be subject to the tax.

pay stub showing tax withholding
(Image credit: Getty Images)

Many people don't realize that the Social Security tax that's withheld from each paycheck stops once your income exceeds a certain amount known as the "Social Security wage base." For instance, the Social Security wage base for 2022 is $147,000. So, if your income exceeds that amount this year, you don't pay the Social Security payroll tax on anything above $147,000. (Note: Social Security taxes are also known as Old-Age, Survivors, and Disability Insurance taxes, or OASDI taxes.)

More: Social Security Tax Wage Base Jumps 5% for 2024

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.