FICA Tax Limit for 2023 and What It Means for You
Most American workers have had the shock of opening a paycheck to find the amount much smaller than expected. You wouldn't be the first to wonder about FICA tax and why they get so much of your hard-earned money.
In 2021, the average American worker paid 28.4% in taxes from their wages. Paying taxes is a hard reality of being a worker and getting a paycheck.
Since FICA takes a big part of those taxes, you might wonder what it's used for and how much is required to pay. While it seems you pay an awful lot, there is a FICA tax limit in 2023.
Learn more about the FICA Tax limit and the FICA Tax rates for employers paying taxes on your behalf.