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2012 Social Security Wage Base Increases to $110,100

Wednesday, October 19, 2011

On October 19th, 2011 The Social Security Administration (SSA) announced there will be a $3,300 increase in the Social Security and Disability Insurance taxable wage base for 2012. This is the first increase since 2009. In addition, there will be a 3.6% cost of living increase for the more than 55 million people collecting Social Security benefits.

With the Social Security wage base increase to $110,100 for 2012, the maximum 2012 OASDI tax payable by each employee is $6,826.20, or 6.2 percent of the wage base. In 2011 each employee is paying 4.2% but this rate is set to expire at the end of the year unless Congress passes legislation to extend the 4.2% rate. Currently the employer pays 6.2 of gross pay as well.

The Medicare portion of the Federal Insurance Contributions Act tax continues to apply to all taxable wages earned, and the rate remains at 1.45 percent.

The New Jersey, Pennsylvania Reciprocal Personal Income Tax Agreement to Continue in 2017

For residents living in New Jersey and Pennsylvania who work across the state border, personal income taxes will no longer be impacted in January 2017 by New Jersey’s proposed withdrawal from the Reciprocal Personal Income Tax Agreement. On Tuesday, November 22nd, Governor Chris Christie reinstated the tax reciprocity agreement, reversing his initial decision to withdraw, […]

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Newly Proposed Salary Overtime Rules Put on Hold

In May of this year the US Department of Labor proposed a final ruling to increase the minimum salary threshold for exempt employees from $23,600 to $47,476 annually or from $455 to $913 per week. As a result of the ruling, starting December 1st, exempt employees earning less than $47,476 were to become eligible for […]

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