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February 24, 2011
PCCD BUDGET & FINANCE
Temporary Employee Payroll Tax Cut (also referred to as the Payroll Tax holiday) provides two percentage point payroll tax cut for employees, reducing the Social Security tax withholding to 4.2% from 6.2% of paid wages effective January 1, 2011.
2011 Federal withholding tables
Note: Employees may see an increase in their 2011 federal withholding taxes because the Making Work Pay credit expired December 31, 2011.
Noteworthy reminder: Employees should review their withholdings every year and if necessary fill out a form W-4 and submit to payroll.
If you made over $75,000/year you were not eligible for TMWPTC of ~35.00 a paycheck last year. The 2% rate is obvious and clear to you this year.
Bottom line: the 2% Employee SS tax rate is REAL and is applied to Everyone.