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Taxation & Estate Planning

: Rubin on Tax

SOCIAL SECURITY TAXES TO RISE IN 2013

By Charles Rubin

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The Social Security wage base is projected to increase from $110,000 to $113,700 in 2013. Social security taxes are collected on wages up to this maximum - once wages go over the maximum no further taxes are imposed. Normally, those wages are subject to OASDI (social security) taxes of 6.2% imposed on the employer and the same percent imposed on the employee. However, in 2012 the rate on employees was cut to 4.2%. Self-employed persons pay 12.4% (10.4% in 2012).

Therefore, higher earned income persons can expect a double hit in 2013 - an increase in the wage base (that is, more wages subject to tax) and a return to normal OASDI rates. Of course, this is in addition to the major tax hikes set for 2013 per the expiration of the Bush tax cuts.

Full post as published by Rubin on Tax on May 01, 2012 (boomark / email).

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