I'm not sure if you remember but this past year wage earners had a decrease in payroll tax of 2%. Instead of paying 6.2% in social security tax withholdings, the rate was cut to 4.2%.
This is set to expire at the end of 2011. Congress is attempting to extend this cut. As of yesterday, the bill has passed in the House, but is not likely (per media reports) to pass in the Senate. Feel free to Google your preferred media source for more information.
This is just my heads up to those of you looking at how your net income might look in 2012. Remember to add in an extra 2% in payroll tax witholding as one scenario.
Payroll Tax Cut
December 14th, 2011 at 02:04 pm
December 14th, 2011 at 02:36 pm 1323873373
December 14th, 2011 at 03:03 pm 1323874996
These last minute tax decisions make my job pretty much impossible. I am so aggravated by the whole thing. Either do it or don't. Republicans won't ignore the tax cut because they are concerned about upcoming elections. I will be shocked if they don't pass the tax cut. (Whether they should do it or not is a WHOLE other thing! But all this politics when obviously they are going to cave, is just aggravating me).
December 14th, 2011 at 04:08 pm 1323878939
December 14th, 2011 at 04:33 pm 1323880419
December 14th, 2011 at 04:46 pm 1323881200
If you guys are concerned about taxes (and anything else, really), check out Ron Paul.
December 15th, 2011 at 04:32 am 1323923535
Social Security is running out of funds but hey, let's cut the social security tax by 2% (again) @@ ONLY in America.