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  • Ohio's Minimum Wage Will Stay the Same in 2016

    Ever since the Ohio constitution was amended in 2006, Ohio's minimum wage correlates with the rate of inflation for the twelve months prior to September. The Ohio Department of Commerce has calculated the rate of inflation and determined that based on the consumer price index (CPI), Ohio's minimum wage rates will stay the same in 2016. Ohio's minimum wage is currently $8.10 per hour for regular hourly employees.

  • Important Tax Figures for 2016

    The following table provides some important federal tax information for 2016, as compared with 2015.Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2016 2015 Social Security Tax Wage Base $118,500 $118,500 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Individual Retirement Accounts 2016 2015 Roth IRA Individual, up to 100% of earned income...

  • 2014/2015 Tax Bill Extenders

    Facing a December 11 expiration of the current federal spending authorization, lawmakers this week passed a five-day continuing resolution to keep the federal government open through December 16 while they continue to seek agreement on agency funding for the rest of the fiscal year. Although a bill to extend 50-plus expired and expiring tax provisions might move through Congress separately, the fate of that package now is tied to the so-called omnibus spending bill. Leadership and the senior mem...

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