Temporary 2012 Payroll Tax Cut Extension – Obama Extends Social Security Tax Cut

In 2011, American taxpayers enjoyed a temporary reduction in Social Security taxes.  For what was supposed to be one year only, taxpayers only paid 4.2% in payroll taxes, a 2% reduction from the normal 6.2% rate.  But just before that tax break was about to expire, Congress passed a last-minute short-term extension.  The payroll tax […]

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Confused by the “Recapture” Provision of the Temporary Payroll Tax Cut Continuation Act of 2011? Me, Too!

Pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 (or H.R. 3765), American taxpayers will receive continued tax relief in the form of lower Social Security tax withholding for the first two months of 2012.  This is an extension of a temporary tax law that was in effect throughout 2011. The Confusing “Recapture” […]

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