Just an update for our clients and friends in case you haven’t heard. The Social Security Administration (SSA) has announced that the minimum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,000 from $106,800 for 2012.
As always, feel free to call me anytime to discuss your business or inquire about any of our services. Thanks!
Also- in 2012, the temporary 2% reduction in the Social Security withholding tax will expire, so with the increased wage base of $110,000 the maximum amount of Social Security withholding that you can be assessed for the 2012 tax year will be $6,826.20, up from $4,485.60 in 2011.
