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The Middle Class Tax Relief and Job Creation Act of 2012 (Pub. L. 112–96 (text), H.R. 3630, 126 Stat. 156, enacted February 22, 2012), also known as the "payroll tax cut", was an Act of the United States Congress.
Payroll taxes are taxes imposed on employers or employees. ... For the years 2011 and 2012, the employee's contribution had been temporarily reduced to 4.2%, ...
The two-year-old cut to payroll taxes was not extended. The rate had been reduced from 6.2% to 4.2% for 2011 and 2012. [3] Some tax credits for poorer families were extended for five years, including ones for college tuition and an expansion of the Earned Income Tax Credit. [5]
Payroll taxes basically come in two flavors: a 2.9% Medicare tax, paid half out of an employee's paycheck, with the other half matched by the employer. ... And employers match these contributions ...
By Andrew Taylor WASHINGTON (AP) -- Negotiations to renew a payroll tax cut for 160 million workers and jobless benefits for millions more kicked off on Capitol Hill on Tuesday, with both sides ...
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Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state, the District of Columbia, and Puerto Rico. The figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes, estate taxes, gift taxes, and excise taxes.
In addition, legislation was passed to extend a cut in the Social Security payroll tax for the entirety of calendar year 2012. The government was initially funded through five temporary continuing resolutions. Final funding for the government was enacted as an omnibus spending bill, the Consolidated Appropriations Act, 2012, on December 23, 2011.