Small Business Tax Accounting –
www.abataxaccounting.com
Social security and
Medicare tax for 2012. The employee tax rate for social security is
4.2% on wages paid and tips received for 2012. The employer tax rate for social
security remains unchanged at 6.2%. The social security wage base limit is
$110,100. The Medicare tax rate is 1.45% each for the employee and employer,
unchanged from 2011. There is no wage base limit for Medicare tax. Social
security and Medicare taxes apply to the wages of household workers you pay
$1,800 or more in cash or an equivalent form of compensation. Social security
and Medicare taxes apply to election workers who are paid $1,500 or more in
cash or an equivalent form of compensation. If you have
any questions about preparing any prior years or for the 2012 filing season,
please contact us:
ABA Tax Accounting
Amare Berhie, Senior Tax Accountant
Abatax81@gmail.com
Direct 612-282-3200
Toll free
866-936-0430
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