Social Security Taxable Wage Base

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.

Health Care Q&A

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Health Care Q&A Health Care Reporting Requirement: What Is It? There were recent changes to the Form W-2 health care reporting requirements, and you may have questions about how you and your business will be affected. Payarct Payroll is here … Continue reading

Charitable Contributions

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Charitable Contributions Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A (PDF). To be deductible, charitable contributions must be made to qualified organizations. Payments to individuals are never deductible. SeePublication 526, Charitable Contributions. To determine if the organization … Continue reading

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PayArct is a Payroll and Human Resource provider committed to delivering value by implementing unique systems. Our system provides Payroll Taxes, Tax cut, Employment, and Human Resource, which can adapt to meet changing customer needs.

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