2011 Tax Changes
On Friday, 12/17/2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act.
The IRS released Early 2011 Income Tax withholding tables on Saturday, 12/18/2010.
Notable changes include:
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The Employee Social Security percentage was reduced from 6.2% to 4.2% (The Employer portion stays at 6.2%)
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Advance EIC (Earned Income Credit) is eliminated.
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The "Making Work Pay Credit" expires on 12/31/2010.
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There is no pension adjustment.
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The Federal Withholding allowance is now $3,700.
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The tax tables have still have 6 rate tiers (similar to 2009).
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There is a new withholding adjustment schedule for Non-Resident Aliens
Please see details of these changes at http://www.irs.gov/pub/irs-pdf/n1036.pdf
If you have questions of concerns regarding changes, or if you need assistance with making these changes, please contact the CCS Retail Systems Support Department.
"American Recovery and Reinvestment Act has officially extended the Section 179 Tax Deduction increases for the 2011 Tax Year"
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