Congress Extends 2% Payroll Tax Cut Through 2012

Congress late last week passed a new bill (and President Obama has  indicated he will sign it) to extend the 2% payroll tax cut from February 29, 2012 till the end of 2012. This means that your employee's FICA contribution will remain at 4.2% for the rest of the year instead of returning to the normal 6.2% rate.

(More on the payroll tax cut . . . )