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Changes to 2011 withholding rates

The Tax Relief Act passed in December 2010 provides a payroll tax cut of two percentage points for employees, temporarily reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

According to a December 17 release on the IRS website, employers should begin using the new withholding tables and reducing the amount of Social Security tax withheld as soon as possible in 2011 but not later than Jan. 31, 2011. See IRS Notice 1036 for the percentage method income tax withholding tables, the lower Social Security withholding rate, and related information needed to implement these changes.

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