2011 Information for Employers and Employees

H.R.4853 - Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act was signed by President Obama Friday December 17, 2010. Significant is the temporary reduction of the employee's Social Security tax from 6.2% of gross wages to 4.2% of gross wages for 2011 only. More information is available online.
Here is one site that has summarized the recent changes: http://economy.cbh.com/2010/12/two-year-extension-of-bush-era-tax-cuts-becomes-law/ 
Also you can find information from one of the following nanny tax experts: http://www.4nannytaxes.com/, http://www.breedlove-online.com/, http://www.gtm.com/gtm_household/household.html

There are also changes for employers regarding Health Insurance Tax Credits. For information on this check out the IRS link at http://www.irs.gov/newsroom/article/0,,id=223666,00.html.

2011 Mileage Rate Set - IRS updates the mileage rate each year. They have posted the rate for 2011 at 51 cents per mile.  http://www.irs.gov/newsroom/article/0,,id=232017,00.html

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