Payroll Tax Cut Extended to the End of 2012—Social Security Tax Rate of 4.2% |
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Under the Middle Class Tax Relief and Job Creation Act of 2012, workers will continue to receive larger paychecks for the rest of this year based on a lower social security tax withholding rate of 4.2%, which is two percentage points less than the 6.2% rate in effect prior to 2011, see:
www.irs.gov/newsroom/article/0,,id=254723,00.html?portlet=107
Contact Penn’s Payroll Tax Department with any questions at (215) 898-6573, 898-7792 or 898-1543.
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