Payroll Tax Cut Temporarily Extended until Febuary 29, 2012

On Dec 23, 2011, the IRS issued a news release announcing that nearly 160 million employees will benefit from the extension of the reduced payroll tax rate that has been in effect for 2011. The two percent payroll tax cut from 6.2% to 4.2% is temporarily extended for wages paid through Feb 29, 2012. The reduced Social Security withholding will have no effect on employees’ future Social Security benefits.

72 thoughts on “Payroll Tax Cut Temporarily Extended until Febuary 29, 2012


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