- Expiration of the “payroll tax holiday.” The expiration of this provision means the employee Social Security tax rate will go from 4.2 percent back to 6.2 percent, up to the 2013 taxable wage limit of $113,700.
- Extension of the lower “Bush era” income tax rates for individuals earning up to $400,000 and households earning up to $450,000. The tax rate for earnings in excess of those thresholds will now increase from 35 percent to 39.6 percent.
Paychex Explains Key Highlights Of Fiscal Cliff Deal For America’s Small Businesses And Wage Earners
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