From Payroll Service For Small Businesses - Yes, for some of the taxes. Compensation in excess of the Social Security wage base ($113,700 for 2013; $110,100 for 2012) is exempt from the Social Security portion of FICA, but there is no limitation on the amount of wages that are subject to the Medicare portion of FICA. FUTA tax must be paid on the first $7,000 of taxable wages paid during a calendar year. There is no wage base limitation that applies to income tax withholding. Considering a Tax Professional? For no obligation free consultation contact us today!
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