6. December 2011 11:35
The IRS announced that several new changes would be in effect for tax year 2012. These changes were made due to inflation and will have an impact on nearly every taxpayer in the country.
· The tax rate for social security is 6.2% each for the employee and employer. (It was 4.2% for employee in Year 2011)
· The social security wage base limit is $110,100. (It was $106,800.00 in Year 2011)
· Personal and dependent exemptions: $3800 (It was $3,700 in Year 2011)
· An increase in tax-bracket thresholds
Federal Tax Table