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2013 Increase in Social Security Tax withholdings

On Behalf of | Feb 17, 2013 | Uncategorized |

Some folks have noticed what appears to be an “increase” in social security taxes being withheld from individual payroll checks, but this is not an increase. It’s just a return to the old rates from a couple of years ago.

Two years ago, to help stimulate the economy, Congress and the President worked out a plan to reduce the Social Security rates to individuals by 2%. That temporary rate reduction expired at the end of 2012 and was not continued during the recent “fiscal cliff” negotiations. If you are self employed you will not notice the difference unless you increase your estimated tax payments, otherwise you will see it on your filing in April of 2014.  See general information at http://www.karlinlaw.com/