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FICA and Self Employment Tax Rates for 2012

Posted by attorney Henry Lively

The FICA and Self employment tax rates are in for 2012. The only unknown at this time is whether the employee share of FICA (Social Security) will be reduced for 2012 as it was for 2011.

The Maximum FICA (OASDI) wage base for 2012 is $110,100. Up from $106,800 for both 2010 and 2011.

The FICA employer and employee rate for 2012 will be 7.65 percent. The employee rate was 5.65 percent for 2011. It is still possible this will be the employee rate for 2012.

Therefore, the maximum FICA tax for 2012 is $8,423.

The maximum Self-Employment tax rate is $16,846. Up from $14,204 in 2011.

As in previous years, the Medicare heal insurance rate is 1.45 percent and the wage base is unlimited.

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