Changes To Note

Social security and Medicare tax for 2001. The social security wage base for 2001 is $80,400. There is no wage base limit for Medicare tax. The tax rate remains 6.2% for social security and 1.45% for Medicare tax.

Threshold for deposit requirement increased from $1,000 to $2,500. For tax return periods beginning January 1, 2001, if your tax liability for the return period (line 13 for Form 941 or line 4 for Form 945) is less than $2,500, you are not required to make deposits and may pay the taxes with the return. See section 11 for a complete discussion of the deposit rules.

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