Kansas-based accounting firm Mize Houser & Company has already begun adjusting its payroll withholding tables in anticipation of the expiration of the payroll tax cut at the end of the year.
President Obama temporarily cut Social Security payroll taxes from 6.2 to 4.2 percent in 2011 and 2012, but the payroll tax cut is not expected to be extended for another year. The White House and lawmakers in Congress have been focused more during their fiscal cliff negotiations on the expiration of the Bush-era income tax rates and the spending cuts mandated by the debt ceiling deal.
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