Christmas Cheer from my Employer and the Turds in DC

[cebeu]

Message from my Payroll organization "quietly" shared this morning...

Thursday, December 20, 2012

The federal government implemented the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 which included a provision that reduced employee’s social security tax rate by 2 percent, from 6.2 percent to 4.2 percent in 2011. This provision was then extended through the end of 2012.

Because of limited political support, it is considered unlikely that this provision will be extended into 2013 and therefore, with the expiration of this provision, the Social Security rate can be projected to return to 6.2 percent. Our payroll system has been updated to begin withholding at the 6.2 percent rate effective January 1, 2013. In the unlikely event this provision is extended, we will quickly adjust our payroll systems accordingly.