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New Tax Rates in Effect for 2013
Baker & McKenzie 
[Guidance Overview] Jan. 4, 2013 "[E]ffective January 1, 2013, the Social Security Tax holiday that was in effect in 2011 and 2012 has expired. As a result, the employee-side social security tax withholding rate for 2013 is 6.2%. The Social Security wage base for 2013 is $113,700.... Effective January 1, 2013, the Medicare tax rate applicable to wages in excess of $200,000 ($250,000 for married individuals filing jointly; $125,000 for married individuals filing separately) will increase to 2.35%. Employers are required to withhold and report Medicare tax at the 2.35% rate on all wages over $200,000 with respect to their employees. The Medicare tax on wages of $200,000 or less will remain at the 1.45% rate." MORE >> |
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