IRS Releases 2013 Withholding Tables

By on January 3, 2013 in Current Events, Pay & Benefits with 2 Comments

You can start looking for the extra 2% Social Security payroll tax to be withheld from your paycheck right away… The IRS released updated withholding tables for 2013 today following on the heels of the “fiscal cliff” agreement reached in Congress.

“Employers should implement the 2013 withholding tables as soon as possible, but not later than February 15, 2013,” the IRS said in a statement.

The IRS had issued withholding tables December 31 but those immediately became outdated with the new law signed this week.

For 2013, the employee tax rate for social security increases to 6.2% from 4.2%. The social security wage base limit increases to $113,700.

The cost-of-living adjustment that Social Security recipients will receive, beginning in their January payments, will be 1.7%.

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce. Ian also has a background in web development and does the technical work for the FedSmith.com web site and its sibling sites.

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  1. Barnes_tm12 says:

    Is having the L fund 203o better than investing in each fund seperately?  Who looks after our investments and notifys you when to get out of a fund for poor performance or is it up to you to monitor and adjust as you see fit?  I guess I want to know who’s handling my money to ensure I get the best overall return and what stocks make up the L 2030? 

    • Norm from GA says:

       Basically, the L funds each have a different fix blends of the six individual funds.  Thus as the value of each fund changes daily, the number of each share changes daily, so that the dollar amount of each fund remains the same, proportionally.    Since this is, in effect, “buying low and selling high,”  it has a better potential for building wealth than trying to guess the future by day trading.

      But if you really want to see long term growth, don’t pick the L-fund based on the decade in which you plan to retire;  pick the decade in which you plan to die.

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