President Signs Jobs Bill Extending Section 179 Expensing Again

• Payroll Tax: The employer’s share (6.2%) of Social Security portion of FICA taxes limited to no more than $106,800 of wages.

• Qualified Employer: IRS includes businesses, agricultural employers, tax exempt organizations, and public colleges and universities.

Household employers are excluded.

• Qualified Employee: One that is employed after February 3, 2010, with taxes “forgiven” on wages after HIRE date of enactment, which was March 18, 2010.