Social Security Wage Base Increases to $117,000 in 2014
The Social Security Administration (SSA) announced on Wednesday, October 30, 2013, that the 2014 social security wage base will be $117,000, an increase of $3,300 from the 2013 wage base of $113,700 (the SSA Fact Sheet is available at www.americanpayroll.org/members/Forms-Pubs/#annual). As in prior years, there is no limit to the wages subject to the Medicare […]
Social Security Tax Adjustment for 2013 Expiration of the “Tax Relief Act”
In 2010, Congress passed a temporary measure to reduce the employee portion of the Social Security tax rate from 6.20% to 4.20%, effective January 1st 2011. This reduction did not impact the employer portion of the FICA tax charged on wages by the Federal Government. Though the reduction was not intended to be permanent, the […]
Federal Government Extends Payroll Tax Reduction Through 2/29/2012
Congress has agreed to extend the Temporary Payroll Tax Cut Continuation Act of 2011 through February 29, 2012. This extension continues to reduce every employee’s Social Security withholding for employees from 6.2% to 4.2%. As has been the case since the enactment of the tax cut, the employer rate remains unchanged at 6.2%. Both […]
Social Security’s OASDI Program Increases Limits In 2012
According to the Social Security Online website, the Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program limits for 2012 will be increased to $110,100. This is a portion of the employment taxes charges to employers and employees alike often referred to as “FICA”. The OASDI tax rate for wages paid is set by statute […]
