According to Wall Street Journal – The fiscal cliff deal reached by the White House and Senate Republicans wouldn’t extend the payroll-tax holiday. The biggest hit to 2013 growth appears likely to come from this tax break’s expiration on Monday. The workers’ share of the Social Security payroll tax had been lowered by two percentage […]
NEW TAX LAW SOCIAL SECURITY EMPLOYEE TAX RATE DECREASES FOR 2011 Thousands of postal employees will have their Social Security employee tax rate decrease 2 percent in 2011. The tax reduction is a result of the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” signed into law Dec. 17, 2010. The Act […]
The tax cut President Obama was expected to sign Friday will not include a payroll tax deduction for all federal employees. Employees under the Federal Employees Retirement System will see their contributions into Social Security drop from 6.2 percent to 4.2 percent in 2011 as part of a payroll tax holiday. But Civil Service Retirement […]