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Payroll Tax Cut Extended for Two Months

By Richard Stieglitz and Martin Arking

In the final days of 2011, Congress extended the 2% tax cut for the employee portion of FICA and the self-employment tax. The tax cut was set to expire as of Dec. 31, 2011. The legislation, “The Temporary Payroll Tax Cut Continuation Act of 2011,” extends the tax break to the end of February, 2012. As a result, employees pay only 4.2% FICA on their wages and self-employed individuals pay only 10.4% on their self employment income. Congress is currently in negotiations to further extend this tax cut to the end of 2012.

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