Social Security

Social Security - Taxable Wage Base

Answer:

In 2013 wages up to $113,700 are subject to social security tax and the maximum social security withholding would be $7049.40.
Employers should withhold Social Security taxes (6.2 percent) from employee's wages up to $113,700 and withhold Medicare tax (1.45 percent) on all wages.
In 2012 wages up to $110,100 are subject to social security tax and the maximum social security withholding would be $6826.20.
Employers should withhold Social Security taxes (4.2 percent) from employee's wages up to $110,100 and withhold Medicare tax (1.45 percent) on all wages.
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