Tax News Payroll Tax Cut Bill Rejected by the House Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 22, 2011 - [Updated Jul 24, 2019] 1 min read On Tuesday, December 20th, House Republicans rejected the Senate’s two month extension of the payroll tax cut bill. The rejection occurred just 11 days before the payroll tax law is set to expire. payroll tax If you recall, the Senate passed the payroll tax bill extension for two months to give the Democrats and Republicans time to come to an agreement on other tax and non-tax related provisions attached to the bill. The payroll tax extension would keep Social Security tax at 4.2%, extend unemployment benefits, and prevent cuts to doctors’ medicare payments until a compromise was reached and the bill was extended for a longer period. There is no guarantee that there will be a compromise from the House of Representatives, but there is hope that pressure from the President and the Senate will further encourage an extension of the payroll tax bill by January 1. If the payroll tax is not extended, the typical family making $50,000 per year, will lose $40 per paycheck, 3 million people who receive long-term unemployment benefits will see a drop in benefits, and Medicare payments to doctors will be lowered. How would a $40 loss per paycheck impact you and your family? What could you do with $40 per paycheck? Previous Post Spending Bill Passes: What’s Next for the Payroll Tax Bill? Next Post Payroll Tax Cut Bill Extension is Now Approved! Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. One response to “Payroll Tax Cut Bill Rejected by the House” Considerably, the acritle is really the freshest on that notable topic. I concur with your conclusions and also definitely will thirstily look forward to your forthcoming updates. Saying thanks will certainly not just be sufficient, for the exceptional lucidity in your writing. I definitely will instantly grab your rss feed to stay abreast of any kind of updates. Authentic work and also much success in your business dealings! Reply Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
Considerably, the acritle is really the freshest on that notable topic. I concur with your conclusions and also definitely will thirstily look forward to your forthcoming updates. Saying thanks will certainly not just be sufficient, for the exceptional lucidity in your writing. I definitely will instantly grab your rss feed to stay abreast of any kind of updates. Authentic work and also much success in your business dealings! Reply