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Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits.
Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2012, you receive one credit for each $1,130 of earnings, up to the maximum of four credits per year.
If you become disabled before age 62, the number of credits needed for entitlement to disability benefits depends on your age at the time you become disabled.
If you die before age 62, the number of credits needed for survivors to receive benefits on your record depends on your age at the time you die.

Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits.
Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2012, you receive one credit for each $1,130 of earnings, up to the maximum of four credits per year.

The 2012 social security tax rate is 6.2% of your earnings (or 12.4% for self employed tax),The employer will still need to pay 6.2%
The 2011 Payroll Tax Cut temporarily lowered the social security tax rate for the employee to 4.2% in 2011.The employer will still need to pay 6.2%

The Social Security Administration, who made the wage base 2013 announcement (The wage base in 2013 is $113,700) also announced that people receiving social security benefits will get a cost of living adjustment (or COLA) adjustment in 2013. Social security benefits will go up 1.7% in 2013. They increased 3.6% in 2012.

The wage base in 2013 is $113,700. It’s an increase over the 2012 Social Security wage base, which was $110,100. The wage base increase follows an increase last year over the 2011 Social Security wage base, which was $106,800.
Social security taxes are the taxes that are taken from your paycheck to contribute to the social security program. However, there is a taxable wage base limit, and earnings above this amount are not taxed.

Certain small business employers that make differential wage payments to employees who are members of the military are allowed a credit for a percentage of the eligible differential wage payments made to each qualified employee.
The credit had expired for payments made after December 31, 2011. ATRA, extended the credit. It now expires for payments made after December 31, 2013.

The work opportunity credit allows employers a 40 % credit for qualified first-year wages paid or incurred during the tax year to individuals who are members of a targeted group of employees.
The credit had generally terminated for amounts paid or incurred for employees who began work for an employer after December 31, 2011. ATRA, extended the credit, and it now terminates for amounts paid or incurred for employees who begin work for an employer after December 31, 2013.

Taxpayers are allowed a credit for certain research expenses paid or incurred in a trade or business. Generally, the research credit is allowed for increasing research activities.
The credit had expired for amounts paid or incurred after December 31, 2011. ATRA, 301, provides that this provision now expires for amounts paid or incurred after December 31, 2013.

ATRA, extends this treatment to amounts paid or accrued before January 1, 2014 (and not properly allocable to any period after 2013).,Br> Taxpayers can treat amounts paid during the year for qualified mortgage insurance as qualified residence interest.
To qualify for this treatment, the insurance must be in connection with acquisition debt for a qualified residence, and the insurance contract must have been issued after 2006.

For purchases made in 2011, 2012, and 2013: Aggregate amount of credit is limited to $500. Taxpayer is ineligible for this tax credit if this credit has already been claimed by the taxpayer in an amount of $500 in any previous year. For purchases made in 2009 or 2010: Aggregate amount of credit for all technologies placed in service in 2009 and 2010 combined is limited to $1,500