Good News for Millions of Workers in 2011 – 2% decrease in Social Security withholding taxes

Now that 2011 is here, there is a good news for millions of workers in the United States — more money in their paychecks. Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, there has been a 2 percent decrease in Social Security withholding taxes. The short-term tax break has been referred to as the payroll tax holiday. Both self-employed individuals and employed workers will see the bump in their regular pay effective January 1, 2011.

Read Full Article » [Yahoo News]

This entry was posted on Tuesday, January 11th, 2011 at 3:17 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.