Kapital Accounting Solutions, P.A.
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|Posted on January 4, 2013 at 12:44 PM|
After Congress held many small business owners and self employed persons hostage for the latter part of 2012, here are a few adjustments we have to make personally for 2013.
Social security tax - Employees tax rate will revert back to the 6.2% instead of the previous rate for 2012 of 4.2%, and the wage base limit will increase to $113,700.
This rate should be implemented by employers as soon as possible but no later than February 15, 2013. If employers for one reason or other fail to adjust the rate on the first pay check of 2013, then they must make an adjustment in a subsequent pay period to correct any underwithholding of social security tax as soon as possible, but not later than March 31, 2013, or in other words, before you file and submit first quarter payroll information.
Medicare tax - The medicare tax for most employees and employers remains unchanged at 1.45%. However, employees earning more than $200,000 in a calendar year are expected to pay an additional medicare tax of .09% on the first dollar over $200,000. Employers are not expected to match this additional .09%
Categories: Tax Information for 2013