Social Security Table
| VII. Social Security Taxes | | Max. Taxable Wage Base | Employee | Employer | Self-Employed | | Hospital Insurance | N/A | 1.45%* | 1.45% | 2.90% | | 2012 Old Age, Survivor & Disability | $110,100 | 4.20% | 6.20% | 10.40% | | 2013 Old Age, Survivor & Disability | $113,700 | 6.2% | 6.2% | 12.4% |
Self-employed individuals are entitled to deduct one-half of the total amounts of social security taxes *For employees in 2013, all covered wages will be subject to Medicare tax at a rate of 1.45%. For high-income earners who have wages in excess of certain filing status thresholds ($250,000 if married filing jointly, $125,000 if married filing separately, and $200,000 if filing single), an Additional Medicare Tax of 0.9% will be imposed. The information presented here is not intended to be a comprehensive analysis. Chernoff Diamond is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax, and related regulation.
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