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Nearly Half of All Americans Pay No Income Taxes
In a February 8, 2012 report by the Heritage Foundation, it was found that nearly half of all Americans pay no income taxes. The 2012 Index of Dependence on Government by William Beach and
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A Clear Resolution Has Yet to Emerge in Payroll Tax Debate
In three short weeks, many taxpayers will begin to take home less if Congress cannot come to an agreement on whether to extend the 2% payroll tax holiday. The 2% reduction is applied to
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New Tax Laws for 2011 Tax Season
Top Takeaways 1: Reduced Tax Rates for 2012 The law exceeds the reduction of the Individual Income Tax Rates through 2012. This includes the reduction in the five basic individual income tax rate percentages
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Tip Income
Top 3 Takeaways 1: Tips are Subject to Income Tax Tips are generally considered as wages and subject to tax. Employers are required to withhold federal income taxes, pay Social Security taxes and pay
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Short-Term Extension for Payroll Tax Cut
On December 22, an agreement was reached between House Speaker John A. Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev. to pass the Senate’s two-month extension of the payroll tax cut and unemployment
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Calculating Payroll Tax
Top Takeaways 1: Payroll Taxes Responsibilities on Employee Side Employees pay Social Security, Medicare, Federal withholding, State withholding, and State disability taxes in the state of California. The Social Security percentage is 6.2% of
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