For dual income earners, both singles and married couples, they believe they are withholding the correct amounts based on their earnings, but they still owe money. There is a blind spot in their calculations.Most people do contemplate the impact of additional sources of income into the family unit, whether from a second job, a new job, or the employment of a spouse. The withholding tables assume that the individual being paid is the only wage earner in the family unit and the wages are the only ...
September 20, 2016 10:00 am
Alternative minimum tax (AMT) rules were originally designed to ensure that high-income individuals who take advantage of multiple tax breaks will owe tax each year. In recent years, however, middle-income taxpayers are likely to owe the AMT. Here's an overview of how the AMT works and possible ways to minimize it.AMT is an alternate set of tax rules that are similar to the regular federal income tax system.
September 20, 2016 10:00 am
BWC (Bureau of Workers Compensation) has transitioned to a prospective billing process for private employers.Previously, employers would file and pay premiums semi-annually after pages had been paid. Under the revised BWC reporting, employers are now paying estimated premiums in advance for the policy year 2015. Employers were notified by BWC in August 2015 of their estimated premium and had a choice of an annual or periodic payment plan.
June 7, 2016 12:00 pm
The U.S. Department of Labor finalized sweeping changes to the Fair Labor Standards Act (FLSA) overtime rules, extending protections to millions U.S. workers.The changes double the salary threshold for “white collar” exemptions from the current minimum of $455 per week, or $23,660 a year, to $913 per week, or $47,476 annually.
June 7, 2016 12:00 pm
It's not a major disaster if you owed some money when you filed your return — after all, you'd rather have the use of the funds for as long as possible. But what you want to avoid is having to pay the IRS a penalty for underpaying your taxes during the year. If you owe the estimated tax underpayment penalty, which is nondeductible, you're in effect paying the IRS interest for part of the money you should have prepaid during the year for taxes, but didn't.
June 7, 2016 12:00 pm
Based on discussions, we have made tax planning and estimates based on information available at that time. Even though we have done some advanced planning for 2016, changes in your personal situation may affect those plans. Even a few months can bring big changes in a client’s life that can significantly affect tax plans previously made earlier in the year.
June 7, 2016 12:00 pm
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...
January 6, 2016 12:00 am
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.
January 6, 2016 12:00 am
