The Old-Age, Survivors, and Disability Insurance taxable wage base will increase to $160,200 in 2023, up from $147,000 in 2022, the Social Security Administration said Oct. 13. This will make the maximum 2023 OASDI portion of the Federal Insurance Contributions Act tax payable by each employee is $9,932.40, or 6.2% of the wage base, up from $9,114.00. The announcement was made in conjunction with the release of the Social Security and Supplemental Security Income (SSI) benefits increase of 8.7% for 2023. [Social Security Administration Press Release (Oct. 13, 2022)]
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