Employee 2% tax break

[MN2V]

I see that the bill passed so now employees get a one year 2%

tax break on Social Security withholding...Do self-employed

persons also get an additional break? I have seen nothing on

this subject yet.

[Kea]

It's my understanding that it applies to self-employed as well -- but I haven't read it anywhere. I also thought the 2% reduction was for 2 years.

I'm waiting for NATP to come out with their summary.

[Dan]

What I have read from the Kiplinger Tax Letter says, "For 2011 only, the 6.2% tax rate for the employee portion of Social Security tax will decline to 4.2%

This will replace the Making Work Pay Credit, which provided a max saving of $400 for single filers and $800 for couples.

[terry]

I see that the bill passed so now employees get a one year 2%

tax break on Social Security withholding...Do self-employed

persons also get an additional break? I have seen nothing on

this subject yet.

I read that self-employed will pay only 10.4% on SE income.