The new 2023 FICA (Social Security) limit has increased from $147,000 to $160,200. With this 8.98 percent increase, up to $9,932.40 can be withheld in 2023 from employees Social Security and Medicare wages. The withholding percent remains 6.20 percent for Social Security (FICA) and 1.45 percent unlimited wage base for Medicare taxes.
For more information, visit https://www.ssa.gov/cola/
New 2023 FICA Limit and Wage Base Update