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Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011. This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through February 29, 2012.
Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation. Here are the differences:
Employers need to get three tax documents from new employees before they start work.