2013 Employee Social Security Tax Rate Increases

For 2013, the employee tax rate for social security increases to 6.2%.  The medicare withholding stays the same at 1.45%.  The social security wage base limit will increases to $113,700.00.

According to the IRS, employers should implement the 6.2% employee social security rate as soon as possible, but no later than February 15, 2013.  After implementing the new 6.2% rate, employers should made an adjustment in a subsequent pay period to correct any under withholding of social security tax as soon as possible, but not later than March 31, 2013.

If you have any questions on this, please feel free to contact us.