Social Security Wage Base Increases to $147,000 for 2022
On October 13, the Social Security Administration (SSA) announced that the 2022 social security wage base will be $147,000, which is an increase of $4,200 from $142,800 in 2021 [SSA, Press Release, 10-13-21]. The SSA Fact Sheet is available at https://www.americanpayroll.org/compliance/compliance-overview/annual-irs-annoucements.
Maximum social security tax. The maximum social security tax employees and employers will each pay in 2022 is $9,114, an increase of $260.40 from $8,853.60 in 2021.
To learn more about federal and state laws, regulations, and information to keep your company's payroll operations in compliance, check out Payroll Source Plus!
Jyme Mariani, Esq., is Managing Editor of Payroll Currently and Senior Manager of Payroll Information Resources for the APA.