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Payroll Tax Holiday Extended

Gary J. Hoff E.A.

Synopsis

The 2 percent FICA reduction scheduled to expire on February 29 has been extended through 2012. Therefore only 4.2% for FICA and 1.45% for Medicare will be withheld from employee wages. The employer will continue to make a FICA contribution of 6.2% and Medicare of 1.45%.

The extension will allow the average worker to keep an extra $2,000 per year. The extension is part of a $150 billion bill that will further extend unemployment benefits. Other portions of the bill prevent a 27% drop in fees paid to doctors who treat the elderly.

The House bill passed by a 293-132 vote and the Senate bill passed 60-32. The President is expected to sign the bill.

Department of Agricultural and Consumer Economics    College of Agricultural, Consumer and Environmental Sciences
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