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News Regarding the Fiscal Cliff….. or lack thereof

Posted on: January 2nd, 2013

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As of today, the IRS has not notified nor published any changes to payroll tax tables for 2013. All employees should expect that their paycheck will be smaller in 2013 because the 2% payroll tax holiday is expiring. Starting next week, workers will once again have 6.2% of their wages up to $113,700 withheld to pay for Social Security taxes. This is an increase from the 4.2% rate that has existed in 2012. An employee that makes an annual salary of $50,000 can expect to have an additional $19.23 withheld each week for Social Security taxes. We will be updating you on any further updates from the IRS regarding this matter.

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