Paycheck Update: FICA (Social Security) Tax Rate for 2012

On February 22, 2012, President Obama signed into law the “Middle Class Tax Relief and Job Creation Act of 2012,” also referred to as the Tax Relief Act of 2012.

This Act extends the reduction in the Social Security tax rate paid by employees from 6.2% to 4.2% through the end of 2012. The Social Security tax rate is scheduled to return to 6.2% beginning January 1, 2013. If you have any questions, contact Payroll Specialists Steve Jordan at ext. 14908 or Michelle Westcott at ext. 14422.