For two years, employees have enjoyed a 2% reduction in the FICA payroll tax. That will all come to an abrupt end beginning with their first payroll check in 2013 when the FICA rate returns to 6.2% (up from 4.2% in 2011 and 2012). Self-employed individuals will have a corresponding increase in their SE tax. The maximum wage subject to the FICA tax in 2013 is $113,700 (up from … [Read more...] about Ready For a Take-Home Pay Cut?
Congress Avoids the Fiscal Cliff
The Senate and the House have voted on a last-minute budget deal worked out between President Barack Obama and congressional Republicans averting the so-called fiscal cliff. Here are some highlights of the compromise bill as provided some sources: The current tax rates will be kept in place for individuals making less than $400,000. Incomes above $400,000 ($450,000 for … [Read more...] about Congress Avoids the Fiscal Cliff
Say Good-Bye to 2012 and Ready QuickBooks for 2013
We hope you’ll be ringing out a successful financial year at month’s end. In any case, here’s what you should know about preparing for 2013. End of the year. QuickBooks has been hard at work for the past 11+ months, recording and tracking and storing all of that financial data that you’ve entered so faithfully. But when you turn the calendar page and make a new start January … [Read more...] about Say Good-Bye to 2012 and Ready QuickBooks for 2013
December 2012 Business Due Dates
December 17 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in November. December 17 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in November. December 17 - Corporations The fourth installment of estimated tax for 2012 calendar year corporations is … [Read more...] about December 2012 Business Due Dates
December 2012 Individual Due Dates
December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2012. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2012 should call for a tax planning consultation appointment. December 10 - Report Tips to Employer If … [Read more...] about December 2012 Individual Due Dates