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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