By Reg Jones
‘Rate change’
January 7th, 2013 | Uncategorized
Q. I had more money taken out of my paycheck No. 26 for Social Security old age, survivor and disability insurance and a notation saying “rate change.” I looked at the Social Security page and there has been no rate change to the amount of money taken out for Social Security (OASDI) in 2013. It is the same amount of money taken out as 2012. Even though we get receive our check in January 2013, the earnings are from December 2012. I can’t find any information on any rate change on the NFC Web page.
A. Where have you been? As part of the “fiscal cliff” deal passed by Congress and approved by the President, the two-year-old payroll tax holiday came to an end. Under the tax holiday, the standard 6.2 percent payroll tax was cut to 4.2 percent for all American workers. Now it’s back up to 6.2 percent.
Tags: payroll, SOCIAL SECURITY, taxes
Comments
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blonblue Says:
January 7th, 2013 at 5:12 pmNo its not, it went to 7.65%, where have you been?
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CSRS-Offset Retiree Says:
January 8th, 2013 at 10:28 amThe 7.65% you cite includes the 1.45% Medicare tax, which was not part of the tax holiday. Where have you been?