Pending the approval of the Senate and House, the Bush tax cuts will be extended for all taxpayers for two years. Also, the reduced capital gains and qualified dividend rates will be extended. We will send an update if/when this becomes official.
Also, for 2011, the Social Security tax rate will be reduced by 2% to 4.2%. For a taxpayer earning $50,000, this will result in increased take home pay of $1,000 for the year. Again, this is still not official.
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