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Q. What’s new in taxes in 2013?
Legal Tax Question
A. It’s hard to capture every change made to the federal income tax laws in the last year. The following are some of the major changes. They shouldn’t affect your tax return, but they may already be affecting your paycheck.

·         Your take home pay may have decreased this year. Congress let a 2% social security tax break expire. Employees are once again contributing the full 6.2%.

·         The wage ceiling on the social security tax has been increased to $113,700.

·         An additional 0.9% is being withheld for Medicare on earnings over $200,000.

·         Additional deduction restrictions and increases have been put in place for individuals earning over $250,000.

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