Important and affects ALL employers…
For those employers handling their own payroll, and just for information’s sake! On February 22, 2012, President Obama signed the Tax Relief Act of 2012, which extends the 2 % reduction of social security tax rate paid by employees from 6.2 to 4.2 %, through the end of 2012.
So whether you agree with it or not, you need to make sure you keep on retaining just 4.2% of your employees paychecks.
Employees: If you can, and your personal situation allows, this would be a great opportunity to make an automatic savings plan with that 2%.