Employee Social Security Rate Set to Increase in 2013
Posted on December 21, 2012
The Middle Class Tax Relief and Job Creation Act of 2012 that was signed into law on February 22, 2012 is set to expire on December 31, 2012. Upon this expiration, the employee social security rate will increase from 4.2% to 6.2. Paycor will use 6.2 for payrolls with check dates in 2013 unless a legislative change is announced.
Please know that we are closely monitoring this legislation and will share additional information as it becomes available.