2011 FWT & Social Security Rate Changes

Important Details: Social Security Rate Reduction
The Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 signed by President Obama in December includes a one-year reduction in the Social Security payroll tax for all workers. Effective January 1, 2011, the employee portion of the tax is 4.2%. However, the employer portion of the tax is unchanged and will remain at 6.2%. This means that the liabilities for employee and employer portions will not match for tax year 2011.
Employee Impact: New Federal Withholding Tables
The 2011 federal withholding tables do not include the Making Work Pay credit. This credit expired on December 31, 2010, which means that your employees may see an increase in their federal withholding taxes on their 2011 paychecks. For details on the 2011 withholding tables, see Publication 15 on the IRS website. 

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