Tag Archives: Tax Breaks
Numbers Cruncher Tax Adjustment
As we all know, the Social Security tax was reduced by 2% for 2011 from 6.2% to 4.2% of salaries up to $106,800. This tax is usually combined with the 1.45% Medicare tax into what is traditionally called FICA. For … Continue reading
Year End Small Business Tips
Plan Ahead: Tax rates will not be going up next year and will be going down a bit for many businesses, so you can probably maximize deductions in the current year and maximize income in the coming year. Retirement Plan: … Continue reading
Hire Act Tax Breaks for New Business Hires
The Hire Act passed earlier this year provides for two tax breaks for hiring previously unemployed workers. The tax breaks are a reduction in the Social Security tax and a tax credit if the new hire is employed for at … Continue reading