Federal Tax

Social Security 2022 Wage Base

The Social Security (SS) wage base for 2022 is projected to rise to at least $146,700. That’s according to the SS Administration Office of the Chief Actuary, which issues three forecasts. The highest projection is $147,300. The wage base is the point at which annual wages are no longer subject to SS tax. Currently, the wage base is $142,800. The Federal Insurance Contributions Act (FICA) imposes SS tax of 6.2% and Medicare tax of 1.45% on employees, employers and the self-employed. Unlike the SS tax, there’s no limit on Medicare; all wages and self-employment income are subject to that tax. Self-employed persons pay both the employee and the employer share for a total of 15.3%. Contact Cg Tax, Audit & Advisory with questions. © 2021