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N.J. lowers payroll deduction rate to save workers an average of $87 in 2012
Gov. Chris Christie Monday announced a $190 million payroll tax cut he said is designed to provide a tax savings of $87 annually for working New Jersey families in 2012.
On July 1, Christie signed Democratic legislation into law authorizing the state Department of Labor and Workforce Development to calculate a new payroll-deduction rate to finance the Temporary Disability Insurance (TDI) fund. For most workers next year, the revised formula means the amount of TDI payroll tax deducted from their paychecks will be reduced from $148 to $61 per year, for a savings of $87 per worker. The changes take effect on Jan. 1. (Hester, New Jersey Newsroom)