Temporary Payroll Tax Cut Continuation Act of 2011
On December 23, 2011, President Obama signed into law the "Temporary Payroll Tax Cut Continuation Act of 2011 (H.R. 3765)." This act extends the reduced employee Social Security tax rate of 4.2% until February 29, 2012. After this date, the employee Social Security tax rate is scheduled to increase to the pre-2011 level of 6.2% unless Congress agrees to extend it past this date.
View the Entire Tax Act Passed By Congress and Signed Into Law