|
2023 Social Security Taxable Earnings and Rates |
|
If you are: |
The Maximum Taxable Earnings is: |
|
Employee |
First $160,200 of Wages |
|
Self-Employed |
First $160,200 of Net Profit from Trade or Business |
|
2023 Medicare Taxable Earnings and Rates |
|
If you are: |
The Maximum Taxable Earnings is: |
|
Employee |
UNLIMITED |
|
Self-Employed |
UNLIMITED |
|
*You are liable
for Additional Medicare Tax of 0.9% if your wages, compensation,
or self-employment income (together with that of your spouse
if filing a joint return) exceed the threshold amount for your
filing status shown in the table below:
|
Filing Status |
Threshold Amount |
|
Married Filing Jointly |
$250,000 |
|
Married Filing Separately |
$125,000 |
|
Single |
$200,000 |
|
Head of Household |
$200,000 |
|
Qualifying Widow(er) with Dependent Child |
$200,000 |
|
|
2023 Medicare Part B Monthly Premiums |
|
Based on your modified adjusted gross income (MAGI) for tax
year 2021 (this is the year that is used to determine the
year 2023 monthly premium) |
|
Monthly Premium |
Filing Status on Federal Income Tax Return Filed and Modified
Adjusted Gross Income |
|
$164.90 |
| Married Filing Joint - $194,000
or less |
| Married Filing Separately**
- $97,000 or less |
| All Other Filing Status - $97,000
or less |
|
|
$230.80 |
| Married Filing Joint - Above
$194,000 and up to $246,000 |
| Married Filing Separately**
- This premium does NOT apply |
| All Other Filing Status - Above
$97,000 up to $123,000 |
|
|
$329.70 |
| Married Filing Joint - Above
$246,000 and up to $306,000 |
| Married Filing Separately**
- This premium does NOT apply |
| All Other Filing Status - Above
$123,000 up to $153,000 |
|
|
$428.60 |
| Married Filing Joint - Above
$306,000 and up to $366,000 |
| Married Filing Separately**
- This premium does NOT apply |
| All Other Filing Status - Above
$153,000 up to $183,000 |
|
|
$527.50 |
| Married Filing Joint - Above
$366,000 and up to $750,000 |
| Married Filing Separately**
- Above $97,000 up to $403,000 |
| All Other Filing Status - Above
$183,000 up to $500,000 |
|
|
$560.50 |
| Married Filing Joint - Above
$750,000 |
| Married Filing Separately**
- Above $403,000 |
| All Other Filing Status - Above
$500,000 |
|
|
**Applies
if you are married and lived with your spouse at any time
during the year and file a separate tax return from your
spouse.
|
|
2023 Earnings for One Quarter of Coverage |
|
$1,640 |
|
2023 Earnings Limit to Receive FULL Social Security
Benefits |
|
If you are: |
The Maximum Earnings Before Reduction in Social Security Benefits: |
|
Under Full Retirement Age |
$21,240 |
|
Year of Full Retirement Ages |
$56,520 |
|
Full Retirement Age |
No Limit |
|
2023 Cost-of-Living Adjustment (COLA) for Social Security
Benefits |
|
8.7% |
|
2023 Maximum Social Security Monthly Benefit at Full
Retirement Age |
|
$3,627 |
