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Social Security Wage Base

By November 29, 2011January 31st, 20142011, Tax Tips

The Social Security Wage Base for 2012 will jump to $110,000, a $3,300 increase over this year’s figure and the first increase since 2009.

For 2011, the rate on employees was reduced to 4.2% from 6.2%. We think that Congress will extend this break for 2012 and possibly expand the reduction to 3.1% for employees AND employers; however, this is still up in the air.

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Accounting & Tax Solutions

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