Well, Congress finally got into the giving spirit of the holidays and passed a bill that President Obama signed last week to temporarily extend the FICA tax holiday for the first two months of 2012. The Social Security rate will remain at 4.2% through the end of February for employees only. The tax rate for the employer portion will remain at 6.2%. Self-employed individuals will continue to pay the combined 10.4% rate. The Medicare portion for employees and employers remains unchanged at 1.45% each.
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