So Cal Mobile Tax Prep
Find me on:
  • Home
  • Services & Benefits
  • Contact
  • SCMTP Blog
  • FAQ
  • CLIENT PORTAL

Social Security Tax Reduction

12/17/2010

Comments

 
One of the lesser know tax breaks that was passed yesterday is the reduction in Social Security tax from your payroll checks.  Social Security tax is listed as FICA on your paycheck.  The rate is going from 6.2% down to 4.2%, which means we can expect to see slightly larger paychecks in 2011.

Although this seems like it will be beneficial to all workers, it has less of an impact on those that earn lower wages.  Unlink 2009 and 2010, the reduction in FICA could be significantly less than Making Work Pay Credit workers were entitled to.  For more information on how this may affect you read this article.
Comments

      To Stay up to day on important tax information all year subscribe to our monthly newsletter.

    Subscribe to Newsletter

    Archives

    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    January 2017
    December 2016
    November 2016
    October 2016
    January 2015
    August 2013
    March 2013
    January 2013
    November 2012
    September 2012
    August 2012
    April 2012
    January 2012
    February 2011
    January 2011
    December 2010

    RSS Feed