Social Security Table
|VII. Social Security Taxes|
|Max. Taxable Wage Base||Employee||Employer||Self-Employed|
|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.