Employee Social Security Rate Set to Expire December 31, 2011
Posted on December 21, 2011
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law on December 17, 2010 reducing the employee social security rate from 6.2% to 4.2% for the 2011 tax year. Since the law expires 12/31/11, Paycor will use 6.2% for payrolls with check dates in 2012 unless a legislative change is announced.
Please know we are closely monitoring this and will post additional information as it becomes available.