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IRS Releases Publication 15-A
The IRS has released the 2012 Publication 15-A, which is a supplement to Publication 15 (Circular E) released in mid-January. This publication includes specialized and comprehensive employment tax information which supplements the basic information provided in Publication 15.
In January, Publication 15 officially announced the Medicare and Social Security tax for 2012. The Medicare tax rate is unchanged at 1.45%. The employee tax rate for Social Security is 4.2% on wages and tips received before March 1, 2012. The employer rate remains the same as it was in 2011, at 6.2%. The taxable wage base limit is $110,100.
Click here to view the 2012 Publication 15-A (Circular E).