Thursday, January 26, 2012

Social Security Pay Roll Taxes

Workers pay a 6.2 percent Social Security tax on wages, which is matched by employers. For 2011, the tax rate for workers was reduced to 4.2 percent. The tax cut is scheduled to expire at the end of the year, though President Barack Obama wants to expand it and extend it for another year, an effort that Congress is likely to approve.

http://www.huffingtonpost.com/2011/10/19/social-security-cola-increase-2012_n_1019404.html