On December 23rd, 2011, Congress passed H.R. 3765, otherwise known as the Temporary Payroll Tax Cut Continuation Act of 2011, (The “TTCA”). The TTCA provides for a two-month extension of a payroll tax cut in place for 2011 and an extension of a lower tax rate on self-employment income.
If you are still reading my blog post at this point, I will assume you have some background knowledge of the TTCA and its effects. There are already a number of articles written on the subject which I do not need to rehash here.
Instead, I want to point you toward the actual legislative language of H.R. 3765 (read here). I have also included the Joint Committee on Taxation’s explanation of the revenue provision contained in the legislation (read here).
Enjoy and Happy Holidays!