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2012 Publication 15 (Circular E) Released by the IRS
The Employer’s Tax Guide, or Publication 15, is now available for use in 2012. It is also known as Circular E. The publication offers basic employment tax information to help the needs of small business employers. There are not significant changes to the 2012 publication.
Publication 15 officially announces the Social Security and Medicare tax for 2012. The employee tax rate for Social Security is 4.2% on wages and tips received before March 1, 2012. The employer rate will remain unchanged at 6.2%. The taxable wage base limit is $110,100. The Medicare tax rate will stay the same as it was in 2011, 1.45%.
Publication 15 also includes the updated 2012 Percentage Method Tables and Wage Bracket Tables for Income Tax Withholding. Some other notable changes are VOW to Hire Heroes Act of 2011, FUTA tax rate and specifics for Form 941, 940 and 944 filers.
To view the 2012 Publication 15, click here.