Mike DiSabatino CPA
1 minute reading time
(284 words)
Social Security Tax Break Gets 60 Day Extension
Late breaking news out of Washington
Prior to adjourning for the Holidays a spending package was signed into law by President Obama. Key among these provisions are two changes that will impact a number of Americans:
| 1. | Temporary extension of the employee payroll tax break. The employee portion of Social Security will remain at 4.2% versus the normal 6.2% for two months through February 29th, 2012. |
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What this means:
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| 2. | Extension of unemployment benefits to those out of work for some time. Federal Emergency Unemployment Compensation (EUC) benefits have been extended for an additional two months for all benefit tiers. |
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What this means:
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Stay tuned. When Congress reconvenes in early 2012, they are sure to discuss extending these benefits throughout calendar year 2012.
