On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8). The bill raises tax rates on income above $400,000 for individuals and $450,000 for couples.
In addition, the temporary Social Security payroll tax reduction
that was in effect for tax years 2011 and 2012 has expired. For
paychecks dated in 2013, the employee Social Security rate returns to
6.2%.
