For 2013, the employee tax rate for social security increases to 6.2%.
The social security wage base limit increases to $113,700.
The employer tax rate for social security remains unchanged at 6.2%.
Employers should implement the 6.2% employee social security tax rate as soon as possible, but not later than February 15, 2013. After implementing the new 6.2% rate, employers should make an adjustment in a subsequent pay period to correct any under-withholding of social security tax as soon as possible, but not later than March 31, 2013.
Payroll Mate payroll software has been updated to include the new social security tax rates for 2013 and other payroll tax changes. Free trial can be downloaded from here:
http://www.realtaxtools.com/payrollsoftware/payroll_software.html
