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A 2-Month Extension to the Payroll Tax Cut Has Been Signed
Today, Friday, December 23, a 2-month extension of the payroll tax cut was signed. This means the employee social security rate will remain at 4.2% through February 29, 2012. Paycor has updated the tax rate to 4.2% for January and February 2012 processing.
We continue to closely monitor this legislation and will relay any additional updates.