There's a much more detailed article here at CNNMoney.com. They say that "51 million households will face a higher tax bill or a lower refund compared with this year".
Doesn't sound all that promising.
Really Barky_Dog? Last thing I need is to lose even a couple dollars out of my refund. I could on that money every year to fill up my freezer, pay off any lingering medical bills and do something special with my family. No real splurging just security for 6-9 months.
i am an employer and the FICA is less than last year. So less taxes are taken out of checks.
For Year 2011, the employee tax rate for social security is reduced to 4.2%. The employer tax rate for social security remains unchanged at 6.2%.
IRS asked that employers should start using the new withholding tables and reducing the amount of Social Security tax withheld as soon as possible in 2011 but not later than Jan. 31, 2011.
IRS said “Millions of workers will see their take-home pay rise”.
More information on Year 2011 Payroll Tax Cut can be found at:
However, we found some employees got SMALLER not bigger paychecks because of the federal tax rate change.
Have you or your employees seen bigger paychecks?
Message was edited by: karenH