3. January 2013 02:12
What Is Social Security Tax
The Social Security tax is a payroll tax that was started by the United States Government in the 1930s. This tax is imposed upon working people and their employers.
What Is New In Year 2013
For 2013, the employee tax rate for social security increases to 6.2%. The social security wage base limit increases to $113,700. The employer tax rate for social security is still 6.2%.
Employers should implement the 6.2% employee social security tax rate as soon as possible, but not later than February 15, 2013. After implementing the new 6.2% rate, employers should make an adjustment in a subsequent pay period to correct any underwithholding of social security tax as soon as possible, but not later than March 31, 2013.
We have updated ezPaycheck 2013 Payroll Software to implement this Social Security Tax Increase. You are welcome to download and try ezPaycheck payroll software free for 30 days with no obligation and no credit card needed.
· What Is New of 2013 Payroll Tax Rate
· 2013 Income Tax Table
· Small Business Payroll Software Solution