The employee’s share of the Social Security tax reverts to 6.2% of wages as of January 1, 2013.  (The employer’s share is unaffected.)

Our industry association (ASA) reports that President Obama has taken off the table his bid to extend the wage tax cut.

ASA adds, “Given that many in Congress did not support extending this provision, it is almost certain that it will expire at the end of the year. Employers will want to alert their payroll departments of this recent development and be prepared to answer employees’ questions when they receive their first pay stubs in 2013.”