As part of the new tax cuts for 2011, the Social Security (OASDI) payroll tax withholding for employees has been cut by a full 2 percentage points from 6.2 percent to 4.2 percent of wages paid.
This late action has created problems for both the IRS and employers in implementing this last minute change. The IRS recently issued guidance to employers:
Employers should start using the new withholding tables and reducing the amount of Social…
- 3 Jan, 2011
- 0 Comments