Payroll Tax Increase
Posted on May 24, 2013 at 9:49 am
The payroll tax reduction expired on December 31, 2012. Lawmakers did not renew the two-percentage-point cut in employees' share of the Social Security tax. The amount went from 4.2% to 6.2% and from 10.4% to 12.4% from the self-employed.
See Tweeten & Young CPA's P.C. for more details on these changes.