Attorney Charles C. Shulman discusses the temporary payroll reduction and benefit relief under the newly enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
Document Excerpt
On December 17, 2010 President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, H.R. 4853 (the “Act”). It extends unemployment benefits by 13 months, extends the EGTRRA 2001 Bush reduced tax rates for two more years through 2012, has an AMT patch for 2010 and 2011, provides a temporary modification of estate and gift tax with a 35% top rate and a $5 million exemption through 2012 ($10 million if married), and extends tax-extenders through 2011. The Act also has a temporary 2% social security (FICA & SECA) tax reduction for 2011, extends transit and van-pooling benefit of $230 a month through 2011, and contains several other benefit extensions through 2012 as detailed below.
Link http://www.ebeclaw.com/memos/Tax_Relief_Unemp_Ins_Reauth_Act_of_2010.pdf
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