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FICA wage base increases to $110,100 for 2012

FICA will increase to $110,100 in 2012. The wage base for 2011 is $106,800. This will effect 10 million tax payers in the US. Note that with the exception of pretax medical and tax free fringe benefits, there is no cap for Medicare.

Employees who are collecting social security and working at the same time are still required to pay FICA and Medicare taxes on their pay. This is a common question often asked.