Starting January 1, 2013 there are several legislative changes and expiring provisions could impact your payroll taxes. To make sure you’re up to date with the new laws, the following infographic shows some of the planned changes you should know about.
2% Payroll Tax Holiday
The social security tax rate for employees and self-employed individuals would both increase in 2013 unless provisions are extended for another year.
Bush-Era Tax Cuts Will End
Unless the government decides to extend lower rates, Bush tax cut provisions will expire.
High-Earner Tax Increase Takes Effect
Under the Affordable Care Act, there is a proposed tax increase for high earners that takes effect in 2013.
Infographic courtesy of Intuit.