1. IRS IS GOING TO INFORM EMPLOYERS TO CUT THE SOCIAL SECURITY WITHHOLDING BY 2% AND THERE BY THE SOCIAL SECURITY TAX FOR ALL THE EMPLOYEES. THE INTENT IS THAT 2% TAX REDUCTION WILL BOOST THE ECONOMY IN 2011.
2. THIS CHANGE WILL BE IN EFFECT LATEST BY JAN 31, 2011.
3. EMPLOYERS WILL HAVE TO UPDATE THEIR PAY ROLL SYSTEMS TO MAKE THIS CHANGE AND SO JANUARY 31 2011 IS TARGETED FOR CHANGE TO BE IN EFFECT.
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR
Join Linkedin "Tax Matters" Group for discussion.
No comments:
Post a Comment