I am a licensed CPA in both New York and Massachusetts, and a member of the American Institute of Certified Public Accountants.
FICA & Medicare Payroll Tax Rates for 2013
2013 FICA and Medicare Tax Rates
The rate is 7.65% in total: 6.2% for the Social Security portion and 1.45% for Medicare.
FYI, this had been reduced by 2% to 4.2% over the past few years as part of payroll tax holiday to help with the economic recovery. All of the fiscal cliff discussions did not address this and the rate has reverted back to what it was 2 years ago
The first $113,700 of wages is taxed at 6.2% for Social Security. Anything above this amount is not taxed.
This is taxed at 1.45% of wages and there is no wage base limit.
New in 2013
Have a question about this blog post? We'd love to hear from you. Feel free to ask a question here.