Social Security Tax Related Withholdings for 2013
The temporary reduction in the Social Security payroll tax rate of 4.2% for employees, expired on December 31, 2012. Effective January 1, 2013, the Social Security tax rate for employees is 6.2%. Based on the employee's annual salary, the maximum Social Security tax an employee will pay in 2013 is $7,049.40.
Employees can expect to see less in their net pay as a result of the Social Security tax increase, however the Medicare tax rate of 1.45% for employees earning less than $200,000 remains in effect for 2013. Employees earning above $200,000 will be subject to an additional 0.9% Medicare tax increase.
If you have any questions, please feel free to contact Mr. Fred Goris at 646.3138276.
Security & B&G: Please post this announcement for all employees to read.
Deputy Director, Office of Human Resource Services