Payroll tax changes

The temporary payroll tax cut will no longer apply. The two percentage point cut in employee OASDI tax under FICA (from 6.2% to 4.2%) and in the self employed OASDI tax rate under SECA (from 12.4% to 10.4%) expires at the end of 2012. Thus, after 2012, the OASDI rates for employees and for the self-employed will revert to 6.2% and 12.4% respectively.

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