For 2011 Only – A reduction in the Social Security Tax payments:
The Act cuts the 6.2% Social Security tax withholding rate on employee salaries from 6.2% to 4.2%.
This temporary change only affects the first $106,800 of 2011 wages (i.e., wages up to the 2011 Social Security tax ceiling). The maximum savings are $2,136 for unmarried [...]