{"id":6878,"date":"2013-01-01T15:53:41","date_gmt":"2013-01-01T19:53:41","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=6878"},"modified":"2013-01-02T17:02:35","modified_gmt":"2013-01-02T21:02:35","slug":"social-security-tax-rate-on-employees-reverts-to-6-2-of-taxable-wages","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2013\/01\/social-security-tax-rate-on-employees-reverts-to-6-2-of-taxable-wages\/","title":{"rendered":"Social Security Tax Rate on Employees Reverts To 6.2% of Taxable Wages"},"content":{"rendered":"<p><span style=\"color: #000000;\"><div class=\"img alignright size-medium wp-image-6879\" style=\"width:300px;\">\r\n\t<a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2013\/01\/20130101.jpg\"><img src=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2013\/01\/20130101-300x200.jpg\" alt=\"Social Security Tax Rate on Employees Reverts To 6.2% of Taxable Wages\" width=\"300\" height=\"200\" \/><\/a>\r\n\t<div>Social Security Tax Rate on Employees Reverts To 6.2% of Taxable Wages<\/div>\r\n<\/div>The temporary decrease of the social security tax rate to 4.2% has expired with the end of 2012. Beginning in 2013, the social security tax rate on employees reverts to 6.2%.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Net Pay Will Decrease Approximately 2%<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">Employees will notice a decrease in net pay by about 2% of gross pay. For example, if gross pay is $1000, net pay would decrease by $20. An adjustment must be made for items that reduce social security taxable wages such as \u00a7125 cafeteria plans.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Employers Social Security Tax Rate Had Not Decreased<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">There will be no change in the tax rate on employers as there had not been a provision to reduce it. The rate on employers remained at 6.2% throughout 2011 and 2012.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">2010 Tax Act Had Temporarily Reduced the Rate To 4.2%<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">The<\/span> Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Act) reduced the social security tax withholding rate from 6.2% to 4.2 % effective with payments made after December 31, 2010. Although initially effective only for 2011, it was later extended to include 2012.<\/p>\n<p><strong>Contact Vision Payroll for Further Information<\/strong><\/p>\n<p>Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\"><span style=\"color: #0000ff;\">Vision Payroll<\/span><\/a> if you have any further questions on the social security tax rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Social Security Tax Rate on Employees Reverts To 6.2% of Taxable Wages The temporary decrease of the social security tax rate to 4.2% has expired with the end of 2012. Beginning in 2013, the social security tax rate on employees reverts to 6.2%. Net Pay Will Decrease Approximately 2% Employees will notice a decrease in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1200,73,551,178,1432],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6878"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=6878"}],"version-history":[{"count":4,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6878\/revisions"}],"predecessor-version":[{"id":6882,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6878\/revisions\/6882"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=6878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=6878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=6878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}