Wednesday, August 28, 2013

FICA Wage Base Increased for 2013

We will provide you with a series of tax increases for 2013. These are low profile increases that cost you more in tax.
The FICA (social security) wage based increased in 2013 to $113,700.00. This means that if your wages are equal or greater than the base amount, you will pay an additional $223.20 in tax. This is a change in limit and not a tax rate increase but it will cost you more in tax? Sounds like a tax increase to me!

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