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Thu Jan 3, 2013, 12:05 PM

My taxes just went up.... [View all]

I thought they weren't supposed to. /sadface

I just received this from my employer...

"As many of you likely already know, new legislation was passed by Congress this week. With that, the purpose of this email is to let you know that you will see changes in the calculation of taxes impacting your pay on or before February 15th, 2013. Please note the following specific FICA tax rate changes below:

2013 Employee Social Security Tax Rate
The reduced Social Security tax rate of 4.2% has expired. You will see a 2% increase in your Social Security tax. The employee social security tax rate has returned to 6.2% on all earnings up to the taxable wage limit of $113,700.
Example: If your gross pay is $1500 after all pre-tax items, under the old rate, you would have paid $84.75 in Social Security taxes. In 2013, the Social Security portion of your FICA tax increases to $114.75 on that same $1500."

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yeswecanandwedid Jan 2013 OP
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