Employee Social Security Tax Rate Returns to 6.2%
The reduced 4.2% rate for employee Social Security taxes that was in effect for 2011 and 2012 has expired. The employee Social Security tax rate will return to 6.2% for 2013. This new rate will go into effect in your Jan. 11, 2013 paychecks.
For more information please refer to this IRS publication: http://www.irs.gov/pub/irs-pdf/n1036.pdf.
If you have any questions regarding the publication, please contact your tax accountant.