The Social Security Wage Base for 2013 has increased to $113,700.00 The "payroll tax holiday" for employees expired on 12/31/12. For 2013, FICA withholding is raised to 6.2% for employees. The employee match remains at 6.2%. Simple IRA - the maximum deferral for 2013 has been raised to $12,000.00; however, if you are 50 or over, you can defer an additional $2,500.00. 401k, 403b, 457 - the maximum deferral for 2013 will be $17,500.00. If you are 50 or over, you can defer an additional $5,500.00. Roth IRA and Traditional IRA - the maximum deferral is $5,500.00. If you are 50 or over, you can defer an additional $1,000.00 The business mileage reimbursement rate for 2013 will be 56.5 cents per mile. If you need to reimburse for 2012 mileage, that rate was 55.5 cents per mile.
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