Continuing the implementation of the payroll tax relief enacted by the Middle Class Tax Relief and Job Creation Act of 2012, the IRS has announced the release of a revised Form 941 payroll tax return. Employees do not need to take any action to benefit from the payroll tax relief, and the lower tax rate “will have no effect on workers’ future Social Security benefits.” Self employed workers will also benefit from the new law with a similar reduction “in the social security portion of the self-employment tax from 12.4 percent to 10.4 percent.”

The revised Form 941 is available on the IRS website. See IR-2012-27.