Tax Relief Act of 2012
By BuildMyBiz on September 15th, 2012
The Tax Relief Act of 2012 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through December 31, 2012. This reduced Social Security withholding will have no effect on employees’ future Social Security benefits.
For details about the legislation and how it may affect your business, visit Paychex Regulatory Updates.
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