Payroll Tax Cut Extended

Feb 23

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2/23/2012 9:00 AM  RssIcon

The House of Representatives and the Senate have passed a bill to extend the payroll tax cut. President Obama plans to sign the bill into law immediately.

The payroll tax cut reduces how much workers pay into Social Security on their first $110,100 in wages, from 6.2% to 4.2%. Originally set to expire in February, the bill will extend the payroll tax cut until the end of 2012.

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