FICA RATE FOR 3-1-2012

 4.2 for employees through the end of the year.  6.2 for employers (unchanged)

6.2% for employers remains unchanged.  Employee rate for wages and tips paid PRIOR to March 1, 2012 is 4.2%, effective March 1, 2012 it goes back to 6.2%.  (See IRS Publication 15 (Circular E) from January 10, 2012).  NOTE:  The government originally planned on changing the rate for employees back to 6.2% effective 1/1/12, and they debated on extending it through the entire year.  However, they couldn't come up with a consensus, so they granted a 2 month extension (through 2/29/12).  I believe they were going to meet again to to discuss extending further.  Quickbooks still shows rate at 4.2%, so possibly it has been extended.

This is Tamara from Intuit QuickBooks Desktop Payroll responding to your question.  The employee social security rate for all of tax year 2012 is now 4.2%.  The employer social security rate remains at 6.2%.

This article explains the Payroll Tax Cut Extension payroll.intuit.com/support/kb/2001316.html.

Payroll Update 21206 was just released on 2/23/2012 and includes the change for the employee social security tax rate decreasing to 4.2% through 12/31/2012. 

If you have an active QuickBooks payroll subscription, do a manual update to get 21206. Go to Employees > Get Payroll Updates.   Make sure Download entire payroll update is marked and click Update.  You might want to close QuickBooks and re-open, then verify that 21206 downloaded successfully.