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2012 FUTA Rate Update & 2013 Limit Changes

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by Marie Jett, CPA | Manager, Tax Services Group

2012 FUTA Rates for Indiana Employers

When employers pay their federal unemployment taxes (FUTA), they receive a rate credit when they pay their state unemployment taxes. The FUTA rate for employers is 6%. Employers can receive a rate credit of up to 5.4%, effectively making the FUTA rate .6%. However, employers in Indiana will be subject to a .9% reduction in their rate credit if the federal unemployment loan isn’t repaid by November 10 because of Indiana’s failure to repay the loans for four consecutive years. If the loans are not repaid, the FUTA rate for Indiana employers paying state unemployment taxes will be 1.5% for 2012. The .9% credit reduction equates to a maximum of $63 per employee.

Other 2013 Changes

- The IRS has announced that the Social Security wage base for 2013 will be $113,700. Additionally, assuming Congress doesn’t extend the current payroll tax cut, the Social Security tax rate will go back to 6.2%.

- Health flexible spending account (FSA) contributions will be limited to $2,500 for plan years beginning after December 31, 2012.

- The annual gift tax exclusion increases from $13,000 to $14,000 for 2013.

- Retirement plan limits for 401(k), 403(b), and most 457 plans in 2013 increase from $17,000 to $17,500. The catch-up contribution limit for employees aged 50 and older stays at $5,500.

- The annual IRA contribution limit increases from $5,000 to $5,500 for 2013. The catch-up contribution for individuals aged 50 and older stays at $1,000.

- The income limits for making deductible IRA contributions increased as well.

- For employees covered by an employer retirement plan, they can deduct an IRA contribution if modified adjusted gross income (MAGI) doesn’t exceed $59,000 (single) or $95,000 (married filing joint). IRA deductions will phase-out between $59,000 – $69,000 (single) and $95,000 – $115,000 (married filing joint).

- For individuals not covered by employer retirement plan, but the spouse is, the IRA contribution deduction is phased out if MAGI is between $178,000 – $188,000.

- The income limits for ROTH IRA contributions for 2013 is $112,000 – $127,000 (single) and $178,000 – $188,000 (married filing joint).

If you have any questions, please feel free to contact Marie Jett at (317) 260-4472 or mjett@greenwaltcpas.com, or any of the Greenwalt CPAs’ staff that you work with.