The Society for Human Resource Management (SHRM) provided this update on January 8, 2013:
Tag Archives: social security
On October 18, 2012, Society for Human Resource Management (SHRM) provided the following update on the wage limits subject to the FICA tax:
“…some employees may see their take-home pay shrink in 2013 due to higher Social Security and Medicare taxes.
On December 23, 2011, the IRS announced that the Social Security payroll tax cuts, enacted at the beginning of 2011, would be temporarily extended into 2012. Read the entire news release:
By Brandon Laws, Xenium
By Greta Nickerson
From our partners at Principal Financial:
The Social Security Administration (SSA) announced on Wednesday, October 17, 2007, that the 2008 social security wage base will be $102,000, an increase of $4,500 from the 2007 wage base of $97,500. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore, all covered wages are still subject to the 1.45 percent tax.