2022 FICA Wage Base Announced
10.15.2021 | The Social Security Administration just announced the new FICA wage base for 2022. The threshold will increase from $142,800 to $147,000 in 2022, an increase of 2.9%.
The OASDI rate of 6.2%, as well as the Medicare threshold and rates, will remain the same. Meanwhile, the Social Security benefits will increase by 5.9% in 2022, the largest increase in over 30 years.
On January 1, 2022, payroll departments and payroll companies must begin using the new base to calculate FICA withholdings and gross-ups. For more information, see the announcement.