2013 Social Security Taxable Wage Base
The Social Security Administration has announced that the 2013 Social Security taxable wage base is increasing to $113,700, up $3,600 from the 2012 taxable wage base of $110,100.
The 2013 FICA tax rate for employees will be 7.65, up from 5.65 in 2012. This is the combined rate for Social Security and Medicare. The Social Security portion is 6.2% on earnings up to the taxable wage base of $113,700, and the Medicare portion is 1.45% on all earnings.
We will keep you informed of any further changes.
For more information, visit the Social Security Administration website.