The new tax law temporarily extends the 2001 and 2003 income tax rate cuts and extends unemployment insurance for another 13 months. There are a few other items including new payroll tax breaks and the reinstatement of estate tax. So how does this all affect you? With the new payroll tax relief, the employer's share of the social security tax has gone down by 2 percentage points.
The new tax law temporarily extends the 2001 and 2003 income tax rate cuts and extends unemployment insurance for another 13 months. There are a few other items including new payroll tax breaks and the reinstatement of estate tax. So how does this all affect you? With the new payroll tax relief, the employer's share of the social security tax has gone down by 2 percentage points. 