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What the New Tax Law Means to Online Sellers By Barbara Weltman Auction Bytes
December 27, 2010
Just before the Congress adjourned, the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010
was signed into law. In addition to providing federal funding for the
extension of unemployment benefits for 13 more months (through the end
of 2011), numerous tax rules that had expired or were about to expire
have been extended. In addition, some new breaks have been introduced.
In total, the new law provides more than $850 billion in tax breaks with
no revenue-raising or adverse tax rules.
If you have a business, you're in for some tax-saving opportunities. Here are some important highlights that may affect you
Payroll Tax Holiday
The employee share of the Social Security portion of FICA, which is normally 6.2%, is reduced to 4.2% for all of 2011. This means more
take-home pay. If you have a corporation, then you'll save 2% on your
salary up to $106,800. The employee share of the Medicare portion of
FICA is not reduced; the employer share of Social Security and Medicare
taxes is not reduced.