Now is the time to review your paycheck to ensure you have proper withholdings for 2012. Tax rate brackets have been expanded in 2012 so more income will be taxed at lower amounts. However, unique to 2012 is the expiration of the social security 2% tax break. As you recall all employees had their social security tax rate reduced from 6.2% to 4.2% for 2011. This one-year tax provision will become a hot topic for the balance of the year in Congress.