Changes in Taxes

January 2013

You may have noticed a difference in your January 10, 2013 paycheck. This is because the temporary reduction in the Social Security payroll tax rate (4.2%) for employees for the last two years expired on December 31, 2012.  As of January 1, 2013, the Social Security payroll tax rate for employees is 6.2% on income up to $113,700.  For more detailed information on the Summary of Tax Related Withholding Requirements for 2013, please refer to the Payroll Bulletin from the Office of the State Comptroller here.