Attached is the Payroll Rates & Limits for 2023. The highlights are:
* The California minimum wage increases to $15.50
* IRS standard mileage rate increases to 65.5 cents per mile.
* The 403(b) and 457 contributions limits increases to $22,500, and for employees age 50 and over to $30,000.
* Medical Flex Spending Arrangement (FSA) Reimbursement increases to $3,050.
* Social Security wage cap increases to $160,200 with the contribution limit to $9,932.40.
* The California minimum wage increases to $15.50
* IRS standard mileage rate increases to 65.5 cents per mile.
* The 403(b) and 457 contributions limits increases to $22,500, and for employees age 50 and over to $30,000.
* Medical Flex Spending Arrangement (FSA) Reimbursement increases to $3,050.
* Social Security wage cap increases to $160,200 with the contribution limit to $9,932.40.
Regards, School Business Advisory Services Team Santa Barbara County Education Office www.sbceo.org/sbas<www.sbceo.org/sbas>
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Rates-Limits-2023.pdf