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Withholding of tax on wages includes income tax, social security and medicare, and a few taxes in some states. Certain minimum amounts of wage income are not subject to income tax withholding. Wage withholding is based on wages actually paid and employee declarations on federal and state Forms W-4. Social Security tax withholding terminates ...
On December 23, 2011, the House and Senate passed H.R. 3765, also called the Temporary Payroll Tax Cut Continuation Act of 2011, and President Obama signed it the same day. The bill's effect was to extend lower payroll tax rates past December 31, 2011, when they would have expired. [7]
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]
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 ...
Like it or not, the rules for filing your taxes change every year. Even experts have to relearn the ropes annually, with law changes, new forms, and other hurdles posing a constant challenge.
By Blake Ellis @CNNMoney Unless you've filed for an extension, today is the last day to get your taxes turned in to the IRS. Once the clock strikes midnight, those who owe will start accruing ...
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