Social Security Wage Base and Rate for 2012
The Social Security (FICA) tax rate has been adjusted for 2012. Through 2/29/12, it remains at 5.65% for employee contributions - 4.2% for OASDI and 1.45% for Medicare. However, it is scheduled to increase to 7.65% for employee contributions – 6.2% for OASDI and 1.45 % for Medicare beginning 3/01/12 unless congressional action is taken. The OASDI wage base for 2012 has increased to $110,100. With the current 4.2% tax rate and the upcoming 6.2% tax rate, the maximum OASDI tax payable by the employee in 2012 will be between $4,624.20 and $6,826.20. There is no limit on the wages subject to the Medicare tax.
The rate for employers remains at 7.65% - 6.2% for OASDI and 1.45% for Medicare. The OASDI wage base for 2012 increases to $110,100. With the 6.2% tax rate, the maximum OASDI tax payable by the employer in 2012 is $6,826.20. There is no limit on the wages subject to the Medicare tax.