{ Banner }

Tax Blog

Posts tagged employment.
Who Will Be Subject to Employment Tax and at What Rate?
Posted September 15, 2011 by Heather Pesikoff
 
The American Jobs Act submitted to Congress this week calls for a temporary payroll tax cut and a temporary credit for increased payroll.  The specific tax breaks in the proposal include:
 

  • For 2012, the employee's portion of Social Security tax would be 3.1%; the employer's portion would also be 3.1%, up to the first $5 million of wages paid by the employer.  The tax on self-employed workers would be reduced to 6.2%.

  • From October 1, 2011 through December 31, 2012, the proposed bill would provide a payroll tax credit to offset the employer portion of Social Security tax due to wage increases ...
Read More
Categories: Employment Tax
Share