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Temporary Payroll Tax Relief Expires end of 2012

Posted by Admin Posted on June 22 2015
The tempory payroll tax relief which reduced employees and self-employed individuals share of social security taxes from 6.2% to 4.2% expired at the end of 2012. The temporary tax relief was available in 2011 and 2012. Effective January 1, 2013, the witholding rate was increased to 6.2%. A taypayer with $100,000 in wages or self-employment income will see their social security taxes increase $2,000 in 2013. The maximum wages or self-employment income subject to social security taxes is $113,700 in 2013.