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


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


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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