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For those who are employed or paid on W2 the new Payroll Tax Cut will increase take home pay for the coming year, 2011. This is because the social security tax is being reduced by 2 points.
•Payroll tax cut. For 2011, Social Security taxes will drop to 4.2% from 6.2%. If you have a job — and aren’t paid under the table — this provision will increase your take-home pay.
This is good news since the IRS has stated that this decrease in Social Security withholdings will not effect future SSA benefits. Employers will begin using the new witholdings tables beginning January 1st, 2011 and no later than January 31st, 2011.