Social Security Taxable Wage Base Increases for First Time Since 2009
For the first time since 2009, the Social Security taxable wage base has increased: For 2012, it will be $110,100, up from $106,800. The Social Security Administration attributes this to the increase in average wages. In 2012, employers must withhold Social Security taxes on each employee’s first $110,100 of compensation. This means that the employer […]