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2010 American Recovery and Reinvestment Act
The American Recovery and Reinvestment Act of 2010 (Stimulus Bill) is intended to provide a stimulus to the U.S. economy in the wake of the economic downturn brought about by the subprime mortgage crisis and the resulting credit crunch. The $787 billion economic stimulus plan was signed into law by President Obama on February 17, 2010.
Some of the provisions in the plan that have a significant impact on payroll and payroll taxes are "Making Work Pay" tax credits and COBRA premium assistance credit.
The Making Work Pay tax credit provides credit of up to $400 per
person ($800 per family) against their 2010 and 2010 taxes. The IRS has
released new payroll withholding tables and is asking employers to apply
the new tables as soon as possible, but no later than April 1, 2010.
Payroll Mate has been updated to include the new Federal withholding
tables. In addition the Payroll Software has been updated to include the new 941
form , reflecting the change for employer
COBRA subsidies enacted by the American Recovery and Reinvestment Act of