Payroll Tax Cut Extension

Payroll Tax Cut Extension

President Obama has signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends to the end of the year the payroll tax cut for employees, continuing the reduction of their social security tax withholding from 6.2 percent to 4.2 percent of wages paid. The Act also repeals the “recapture” provision, which applied to those employees who received more than $18,350 in wages during January and February (the social security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year amount).


45 Responses to “Payroll Tax Cut Extension”

  1. Christian says:

    Hello i am interesting to know more about tax breaks for entertainers, thank you for the information

  2. Ethelyn says:

    It is a great pleasure to upagrde my self so that i’ll make a significant contribution to my home country on my return. i do have bachelor’s degree in Accounting and tax. Thanks for considering my comment !!!

  3. Kuvarapu says:

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  4. You’ve got a good blog here! would you like to produce some invite posts on my site? by the way, i was not aware of this reporting requirement and i know that my brother may be interesting in learning in this reporting requirement.

  5. Holly Dog says:

    My husband and i still need to file our 2011 tax return and we have four children, my oldest son is a student last year he had some income but not much, we are planing on claiming him as a dependent. He filed his tax return for 2011 but he did not claim himself as dependent. is that right ?

  6. Lance Katsch says:

    That was good last year, but if this tax cut will not be approved for this year then we will pay higher payroll tax

  7. I really liked your article article. Awesome. This remind me that i should expect to pay more payroll tax in 2012 compare to what i paid in 2011. i don’t make a lot of money and file schedule c i pay when i file the return, i am not sure if this cut had ever effected my situation because i am not on payroll.

  8. Are not able to do my tax return and i never understand how should i claim another dependent exemptions i take care of my parents. We live together at the same rental apartment, they receive social but not much, my accountant told me that i cannot claim them, and i never understood why.

  9. Styropian Welna says:

    This is very interesting. Last year i did not have a job, now that i am working i will not benefit from it. How petty.

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