K2S, PC

Payroll Tax Alert

Jan 04, 2013 | Posted in Business, Individual, News, Nonprofit

In 2013, the Social Security wage base is increased from $110,100 (2012 base) to $113,700.

The FICA tax rate for employees is increased from 4.2% to 6.2% on taxable wages up to that new base amount.

The Medicare tax rate for employees continues to be 1.45% on all taxable wages and, additionally, employees having more than $200,000 in taxable Medicare wages will pay an additional 0.9% on wages exceding $200,000.

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