Detailed IRS Tax Tables - 2022/2023
Qualified Retirement Plans Limits 2022 2023
Maximum elective deferral to retirement plans (e.g. 401(k), 403(b), & 457) $20,500 $22,500
401(k) Age 50+ catch-up contribution $6,500 $7,500
Maximum IRA contribution limit $6,000 $6,500
IRA Age 50+ catch-up contribution $1,000 $1,000
Maximum elective deferral to SIMPLE plan $14,000 $15,500
SEP minimum compensation amount $650 $750
Annual includible compensation limit $305,000 $330,000
Defined contribution plan annual addition limit (415 limit) $61,000 $66,000
Highly compensated employee compensation limit $135,000 $150,000
Annual retirement benefit limit under defined benefit plan (415 limit, not to exceed 100% of compensation) $245,000 $265,000

Social Security 2022 2023
Maximum Compensation Subject to FICA Taxes:
OASDI (Social Security) maximum $147,800 $160,200
HI (Medicare) maximum No Limit No Limit

  • OASDI Tax Rate: 12.4% Self-Employed, 6.2% Employees
  • HI Tax Rate: 2.9% Self-Employed, 1.45% Employees