The Social Security Administration has announced that the 2013 Social Security taxable wage base is increasing to $113,700, up $3,600 from the 2012 taxable wage base of $110,100.
The 2013 FICA tax rate for employees will be 7.65%, up from 5.65% in 2012. This is the combined rate for Social Security and Medicare. The Social Security portion is 6.2% on earnings up to the taxable wage base of $113,700, and the Medicare portion is 1.45% on all earnings.
We will keep you informed of any further changes.
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