The Employee Portion of the FICA Tax (Social Security) has increased from 4.2% to 6.2%. The Employer Rate remains unchanged at 6.2%.
The IRS has issued temporary 2013 income tax withholding tables. Notice 1036 can be found here. These temporary tables were released before the “Fiscal Cliff” bill was passed by Congress. IRS Notice 1036 states that you do not have to adopt the new withholding tables until 2/15/2013.
At this time, the President has not yet signed the “Fiscal Cliff” bill into law. The bill has been passed by Congress and due to the President’s role in crafting the bill it is expected he will sign it.
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