OASDI Employee Tax Rate Decrease extended through February of 2012

2012 OASDI Employee Tax Rate remains 4.2% through February of 2012

Under the "Temporary Payroll Tax Cut Continuation Act of 2011" (the TTCA), the reduced employee OASDI tax rate of 4. ...December 27, 2011 - 6:59pm View full entry

IRS Announces 2012 Standard Mileage Rates

Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 55.5 cents per mile for business miles driven
• 23 cents per mi ...December 16, 2011 - 12:38am View full entry

  OASDI Maximum Taxable Earnings Amount Increases for 2012

   2012 OASDI Maximum increases to $110,100 from $106,800

  Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a g ...November 11, 2011 - 1:22am View full entry

  IRS Raises Standard Mileage Rates Effective July 1, 2011

  The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011.  Taxpayers may use the optional standard rates to calculate the ded ...June 23, 2011 - 5:29pm View full entry

  OASDI Employee Tax Rate Decreases for 2011

   2011 OASDI Employee Tax Rate decreases to 4.2%

  The employer tax rate for social security remains unchanged at 6.2%.  The 2011 social security wage base limit is $106,800.  In 2011, the Med ...December 21, 2010 - 11:53pm View full entry

  IRS Announces 2011 Standard Mileage Rates

  Beginning on January 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 51 cents per mile for business miles driven
  • 19 cents per mile ...December 8, 2010 - 11:36pm View full entry

    No Social Security COLA for 2011

     2011 OASDI Maximum remains $106,800

    Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The sam ...October 16, 2010 - 5:00am View full entry

    Social Security wage base not expected to change in 2011

    Social Security Wage Base

    The Social Security Administration's Office of the Chief Actuary is projecting that the Social Security wage base will remain at $106,800 in 2011.
    
    The ...August 6, 2010 - 8:46pm View full entry

    First-Time Homebuyer Credit – 2010 Update

    Equus’ Chris Munzke, CPA GMS discusses the updates made to the First-Time Homebuyer Tax Credit by the “Worker, Homeownership, and Business Assistance Act of 2009” and the “Homebuyer Assistan ...July 16, 2010 - 11:44pm View full entry

    Will Quarterly W-2 Reporting be required in 2011?

    HISTORY:

    As some of you may recall, prior to January 1978, employers filed their tax reports and wage reports with the IRS on a quarterly basis.  The quarterly FICA tax report forms used were ...June 29, 2010 - 10:57pm View full entry