Payroll Increase for Employees

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The 2% tax cut on the Employee portion of Social Security withholdings has expired. That means that employees will see an extra 2% withheld for Social Security this year as compared to last year. Employers are urged to implement the change as soon as possible and are required to comply with the changed withholding rates by February 15, 2013.

Below is an exerpt from the IRS Notice 1036 regarding the change:

Excerpt from the IRS notice 1036 regarding Social Security and Medicare Withholdings

 
Access the complete notice here.
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