Could a Payroll Tax Break Be in the Future for Employers?
Posted on Fri, Jun 10, 2011
The White House is considering a possible employer payroll tax break, as well as other measures, to help with the decelerating economy, the Wall Street Journal reports.
Employers currently contribute 6.2% of payroll taxes toward funding employee's Social Security, plus 1.45% for Medicare and state and federal unemployment. Currently, employees are enjoying a temporary payroll tax holiday, paying only 4.2% of their wage earnings toward funding their Social Security and 1.45% toward Medicare.
President Obama said yesterday that he is interested in exploring with lawmakers to extend some of the stimulus measures that were part of the tax-cut package to "make sure that we get this economy up and running in a robust way," according to the article.
If an employer payroll tax cut does happen, you'll be sure to hear about it from us -- stay tuned!