Well the president signed the tax cut, so we will all have an additional 2% of our wages in cash instead of paying social security tax into the system. Good thing the social security trust fund is so strong that it can easily absorb that loss of revenue. (???!!!!)
Anyway here is an article by Michael Cohn in Accounting Today that discusses the cut a little:
http://www.accountingtoday.com/news/Obama-Payroll-Tax-Cut-Unemployment-Benefits-Extension-61806-1.html?ET=webcpa:e2236:204199a:&st=email
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