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 [...]]]> 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 individuals and $4,272 for couples.

The Social Security tax component of the self-employment tax is cut from 12.4% to 10.4% for 2011, so self-employed folks will benefit too.

It turns out it is a known Phishing Scam. [...]]]> This was brought to our attention from one of our ever diligent clients. [who shall remain anonymous, but lets call him 'AT']. Mr. ‘AT’ had received an email telling him he needed to install a  Digital Certificate by January 20th, otherwise his Quickbooks would cease to work.

It turns out it is a known Phishing Scam. There was another email sent in December with a December 20th due date. Intuit is aware of the issue and is working to shut down the emails but new ones continue to be setup.

Quickbooks updates are NOT sent through the email. So Mr. ‘AT’ did the right thing by not clicking on the link and to give us a call. Phishing emails will not be stopped by antivirus software so it is up to you to review any email that asks for personal information or asks you to install a program or click on a link.

Thanks Mr. ‘AT’ for bringing this to our attention!!!!