karen1688 wrote the following post on 12/29/2010 3:27:27 PM
Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.
The IRS asks that employers start using the new social security rate as soon as possible in Year 2011 but not later than January 31, 2011.
For Year 2011 tax tables, please visit
http://www.halfpricesoft.com/Federal_income_tax_2011.asp
Source:
http://www.halfpricesoft.com/business-blog/post/2010/12/27/ezPaycheck-2011-Payroll-Software-Updates-Payroll-Tax-Withholding-Table-Includes-The-New-Tax-Cut-by-Tax-Relief-Act.aspx