Tax News Spending Bill Passes: What’s Next for the Payroll Tax Bill? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 17, 2011 - [Updated Jul 24, 2019] 1 min read Today the Senate approved the Spending Bill, which keeps government funded until the end of September 2012, but what about the extension of the payroll tax cut bill? Well, it wasn’t a complete victory for both bills, but the Senate did approve a deal to extend the payroll tax cut bill and federal unemployment insurance for another two months until the end of February 2012. spending bill/payroll tax bill The two month extension enables taxpayers to continue to pay the lower 4.2% of earnings instead of 6.2% for an additional two months. There was some disappointment among Senate leaders since they were unable to agree on a longer-term deal this time, however the two month extension continues to give some relief to families at a time when many are still struggling. The House is now expected to vote on the two month payroll tax extension deal next week and Congress will be required to revisit the issue in 2012. At least we can try to relax and enjoy the holidays, knowing that our government will not face shut down and many of us can continue to receive the payroll tax break through February 2012. Previous Post The House Passed the $1Trillion Spending Bill Next Post Payroll Tax Cut Bill Rejected by the House Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?