2011税款变化# Living
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As you may be aware, President Obama Signed the Tax Relief Bill on December
17, 2010.
Beginning with your first pay check of 2011 you will see the affect of the
following two changes in your Tax Withholding amounts.
Decrease in Social Security Taxes
The Tax Relief Act of 2010 makes a major change in the withholding of social
security taxes from employees’ wages by reducing the employee share of
social security tax from 6.2% to 4.2% for the first $106,800 of wages paid
in 2011. The maximum that can be withheld in 2011 will be $4,485.60, a $2,
136 decrease from the 2010 maximum of $6,621.60.
Slight Increase in Federal Withholding Taxes
In February 2009, the American Recovery and Reinvestment Act (ARRA) provided
for the Making Work Pay Credit – an income tax credit of $400 for single
individuals and $800 for married couples filing jointly – that was paid out
through reduced federal income tax withholding for 2009 and 2010. The
Making Work Pay credit expired on December 31, 2010 and the tax tables for
2011 will reflect that expiration with a slight increase in Federal
withholding.
You can therefore expect to see a minor increase in your Federal Withholding
Taxes and a decrease in your Social Security Taxes in 2011.
17, 2010.
Beginning with your first pay check of 2011 you will see the affect of the
following two changes in your Tax Withholding amounts.
Decrease in Social Security Taxes
The Tax Relief Act of 2010 makes a major change in the withholding of social
security taxes from employees’ wages by reducing the employee share of
social security tax from 6.2% to 4.2% for the first $106,800 of wages paid
in 2011. The maximum that can be withheld in 2011 will be $4,485.60, a $2,
136 decrease from the 2010 maximum of $6,621.60.
Slight Increase in Federal Withholding Taxes
In February 2009, the American Recovery and Reinvestment Act (ARRA) provided
for the Making Work Pay Credit – an income tax credit of $400 for single
individuals and $800 for married couples filing jointly – that was paid out
through reduced federal income tax withholding for 2009 and 2010. The
Making Work Pay credit expired on December 31, 2010 and the tax tables for
2011 will reflect that expiration with a slight increase in Federal
withholding.
You can therefore expect to see a minor increase in your Federal Withholding
Taxes and a decrease in your Social Security Taxes in 2011.
