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Archive for December 23rd, 2011

If you’re gainfully employed, Congress just put some extra loot in your pocket by extending for two months the current 4.2% tax rate on an employee’s share of social security payroll taxes,  which was reduced from 6.2% as part of a previous tax-cutting measure but was set to expire at the end of 2011. So if you were slated to earn $5,000 in gross payroll in January and February of 2012, you just made a cool $100 this morning, despite the fact that you all you’ve done today is nurse a wicked eggnog-induced hangover and ruminate on the slightly suggestive, exceedingly uncomfortable things you said to the cute chick from marketing at last night’s office party.

 To reward yourself for your financial windfall, we here at Double Taxation suggest you go out and spend the money you don’t yet have on some super cool electronic device that you really don’t need. It’s the American way!

Coverage from CNN

 

 

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