Local treasurers should note that employees will continue to receive the benefit of reduced payroll taxes and access to extended unemployment benefits under legislation signed by President Barack Obama on Feb. 22.
That law, the Middle Class Tax Relief and Job Creation Act of 2012, maintains a reduction in the social security payroll tax on employees, and the corresponding tier I payroll tax rate on railroad employees, of two percentage points.
It also provides that out-of-work members can obtain extended unemployment benefits through the end of calendar year 2012.
To view the U.S. tax amounts and percentages for 2012, click here.
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