The 2011 Social Security wage base will stay the same for next year. The wage base in 2011 will stay at $106,800. What is a Tax Wage Base? Social security taxes, (or OASDI taxes) are the taxes that are taken from your paycheck to contribute to the social security program. However, there is a wage [...]
There’s been lots of news recently regarding the tax compromise that President Obama struck with congressional Republicans. With the extension of the Bush tax cuts, people at all income levels will see their income tax brackets remain the same through 2012, and the AMT exemptions expanded. The tax compromise also calls for a reduction of an employee’s portion of payroll taxes [...]
The Obama tax deal is in full motion this week. The Senate moved the new tax deal forward with a procedural vote on Monday. They will vote on the final tax cut today. The tax cut will keep the Bush tax cuts from expiring, which were set to expire at the end of the year. The [...]
Determine your tax filing status. Tax brackets and available deductions/credits depend on a taxpayer’s filing status. Each taxpayer must select his/her filing status at the top of each tax return. In most cases only one tax filing status will apply to you. If you qualify under multiple tax statuses, you can choose the one that will [...]
As financial slowdown drags on, tips to save money continue to have real relevance for most families. Even if you are fortunate enough to still have a job, you’re spending habits have likely changed from a few years ago, as everyone has been sensitized to the possibility that cash may be tight for a while [...]
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