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re: Well I just noticed on my online banking / payroll tax increase
Posted on 1/11/13 at 4:16 pm to TigerintheNO
Posted on 1/11/13 at 4:16 pm to TigerintheNO
quote:
The payroll tax went up 2%, but isn't SS tax capped at around 110K? So even if both you and your wife make over 110K individually, your tax increase couldn't be over $4500 for the year, right?
The cap went up to $113,700 and the withholding went up from 4.2% to 6.2%. The max you pay into SS increased to $7,049.40, a jump of $2,425.20.
1
Posted on 1/11/13 at 4:50 pm to JonTheTigerFan
quote:
The max you pay into SS increased to $7,049.40, a jump of $2,425.20.
So the most a couple who have seen their payroll tax increase would be $4,850, that's assumming both make over $113,700.
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