TWILLEY, ROMMEL & STEPHENS P.A

News & Blog

2012 Tax Developments

24.09.2013
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2012 Tax Developments and Updates

Social Security Tax Updates

The wage base for computing the Social Security tax in 2012 increases to $110,100 from $106,800
The FICA tax rate for employees, which was reduced in 2011 to 4.2% from the normal 6.2%, reverts back to 6.2% in 2012
Cash paid by an employer for domestic service in the employer’s private home is not considered FICA wages if the amount paid during the year is less than $1,800 (up from $1,700 for 2011).¬† The dollar threshold applies separately […]

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