Social Security Tax Adjustment for 2013 Expiration of the “Tax Relief Act”

In 2010, Congress passed a temporary measure to reduce the employee portion of the Social Security tax rate from 6.20% to 4.20%, effective January 1st 2011. This reduction did not impact the employer portion of the FICA tax charged on wages by the Federal Government. Though the reduction was not intended to be permanent, the […]

Tax Relief Bill includes 2% Employee Social Security Tax Reduction

Many employers and employees are just now becoming aware of the recently passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act of 2010). This new law will continue the Bush-era tax rates, which were set to expire on December 31, 2010, for two years, through December 31, 2012. Also […]