President Signs Payroll Tax-Cut Bill

On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012 (HR 3630). This law extends the 2% reduction in...

On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012 (HR 3630). This law extends the 2% reduction in employment taxes and a like adjustment in SE taxes through December 2012.

Have recommended these to many friends over the past 2 years. Online pharmacy viagra? We also dispense your medications from international fulfillment centers that are approved by the regulatory bodies from their respective countries.

The new law also repeals the 2% recapture tax included in the December legislation that effectively capped at $18,350 the amount of wages eligible for the payroll tax cut. As a result, the now-repealed recapture tax does not apply.

The lower rate will have no effect on workers’ future Social Security benefits. The reduction in revenues to the Social Security Trust Fund will be made up by transfers from the General Fund.

The IRS has also released revised Form 941

enabling employers to properly report the newly extended payroll tax cut.

**Disclaimer – Informational purposes and may not be appropriate for your situation etc. need to discuss with a CPA before acting on any information in this blog.

Related Posts

Leave a reply