For all of our Physical Therapists, Occupational Therapists, Speech Language Pathologists and assistants this is some exciting news for you! On Friday, December 17th, 2010, the President signed the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act Of 2010 into law. How will this new law affect and BENEFIT you beginning January 1, 2011?
First, it will reduce the employee Social Security tax rate for wages paid in 2011 from 6.2% to 4.2%; the employer rate remains at 6.2%. This means that you will see a 2% increase in your paycheck effective January 1, 2011 with this reduction! This reduced Social Security withholding will have NO effect on your future Social Security benefits.
Second, it will extend the 2010 Federal Income Tax (FIT) withholding rates (known as the “Bush Tax Cuts”), for all income levels through 2012. Without this legislation FIT withholding would have increased substantially on January 1, 2011.
As always Preferred Healthcare Registry continues to provide the best benefits in the industry. Here at Preferred Healthcare Registry we have added new types of job opportunities including new 13 week Contract, Travel and Long-Term. We still are the only staffing firm to offer full benefits at just 20 HOURS PER WEEK! Give us a call at 1-800-787-6787 to see what’s new or to join the Preferred team today!