Recently, President Obama announced a new job creation bill, which includes potential payroll tax breaks. One of the highlights of this plan is the reduction of the payroll tax for both employees and employers from 6.2% to 3.1% for 2012 (employer portion limited). There are also payroll tax breaks for new hires and wage increases for 2012. Contact your CPA for more info.
/posted by Travis Collins, CPA
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