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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: TideGlider who wrote (97057)12/17/2010 5:10:39 PM
From: Kenneth E. Phillipps  Read Replies (1) of 224844
 
51 million will take home less
The IRS on Friday asked employers "to adjust their payroll systems as soon as possible but not later than Jan. 31, 2011. For any Social Security tax over withheld during January, employers should make an offsetting adjustment in workers' pay as soon as possible, but not later than March 31, 2011."

Once everything comes out in the wash, however, the Social Security tax breaks will mean several hundred if not a couple of thousand extra dollars in many workers' pockets for the year.

How much more they will net relative to this year depends on whether they qualified for the expiring Making Work Pay credit. That credit provided up to $400 to any working individual making less than $75,000 (or up to $800 for working couples making less than $150,000).

money.cnn.com
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