Finance (2024)

2023 Social Security and Medicare Tax Withholding Rates and Limits

For 2023, the maximum limit on earnings for withholding of Social Security (old-age, survivors, and disability insurance) tax is $160,200.00. The Social Security tax rate remains at 6.2 percent. The resulting maximum Social Security tax for 2023 is $9,932.40.

See Also

SSS Monthly Contribution Table & Payment Schedule 2022

There is no limit on the amount of earnings subject to Medicare (hospital insurance) tax. The Medicare tax rate applies to all taxable wages and remains at 1.45 percent with the exception of an “additional Medicare tax” assessed against all taxable wages paid in excess of the applicable threshold (see Note). The FICA tax rate, which is the combined Social Security rate of 6.2 percent and the Medicare rate of 1.45 percent, remains 7.65 percent for 2023 (or 8.55 percent for taxable wages paid in excess of the applicable threshold).

The information in the table shows the changes in Social Security withholding limits from 2022 to 2023. There are no changes in Medicare limits.

Tax	2022 Limit	2023 Limit
Social Security gross	$147,000.00	$160,200.00
Social Security liability	$9,114.00	$9,932.40
Medicare gross	No limit	No limit
Medicare liability	No limit	No limit

Note: The Patient Protection and Affordable Care Act signed into law March 23, 2010, created the “additional Medicare tax” that changed Medicare withholding computations effective January 1, 2013. All wages, self-employment income, and other compensation that are subject to regular Medicare tax and are paid in excess of the applicable threshold are subject to the additional Medicare tax. Employers are required to withhold the additional Medicare tax at a 0.9 percent rate on wages and other compensation paid to an employee in excess of $200,000 in a calendar year. There is no employer match for the additional Medicare tax.

— Payroll,
Controller, 1-12-23

See Also

Monthly contributions for Pag-IBIG and SSS SSS Contribution in 2024: Table, Calculation, Benefits & Payment Republic of the Philippines Social Security System Pag IBIG Contribution Table 2023 - Monthly, Voluntary, hdmf Contribution

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