jinglebells.jpgThe U.S. Senate and the House of Representatives this morning approved legislation to extend the 4.2% employee payroll tax rate for two months, i.e., until February 29, 2012. The legislation appears to drop a provision in the original Senate-passed bill that would have imposed a special wage cap of $18,350, above which a 6.2% employee payroll tax rate would have applied.

The newly approved measure now goes to President Obama, who is expected to sign it into law shortly. Read more.

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Jingle Bells: Congress Approves Two-Month Payroll Tax Holiday

Fri Dec 23, 2011

jinglebells.jpgThe U.S. Senate and the House of Representatives this morning approved legislation to extend the 4.2% employee payroll tax rate for two months, i.e., until February 29, 2012. The legislation appears to drop a provision in the original Senate-passed bill that would have imposed a special wage cap of $18,350, above which a 6.2% employee payroll tax rate would have applied.

The newly approved measure now goes to President Obama, who is expected to sign it into law shortly.