Tax Changes for Individuals in 2013
Resource & Insights
January 28, 2013
The December holidays are over, and as of January 1, the so-called “payroll tax holiday” has come to an end as well.
The American Taxpayer Relief Act of 2012, also known as the fiscal cliff legislation, means individual workers will pay higher federal taxes this year as the Social Security tax withholding rate returns to 6.2 percent from 4.2 percent, according to a recent Weaver eNewsletter article.
But there is some good news.
However, the news isn’t as good for individuals earning more than $400,000 and married couples earning more than $450,000.
To see how this legislation will have an impact on businesses as well, contact us.