Payroll Tax Holiday Extended
On February 22, 2012, the president signed legislation to extend the payroll tax holiday for employees through the end of 2012.
The payroll tax holiday extension ensures that the employee social security rate will remain at 4.2% through December 31, 2012. We have updated our processing to reflect the tax rate remaining at 4.2% for remainder of 2012.
We will continue to closely monitor the payroll tax holiday legislation and will relay any additional updates as we approach 2013.