The Internal Revenue Service issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Effective January 1, 2013, the standard mileage rates for the use of a...
The Internal Revenue Service (IRS) has extended until February 1, 2013 the deadlines for most income tax returns, income tax payments and other time-sensitive actions for taxpayers affected by Hurricane Sandy in federally declared disaster areas in Connecticut, New...
Effective January 1, 2013, an additional Medicare tax will impact employers and payroll service providers. The Patient Protection and Affordable Care Act (PPACA) increases the Medicare tax rate on wages by 0.9% (from the current rate of 1.45% to 2.35%) for...
For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limit on taxable earnings for Medicare’s Hospital Insurance (HI) taxes. The Social Security tax rate for employees is 4.2 percent and is set to expire...
Several state minimum wage rates expire on December 31, 2012. On January 1, 2013, some states will have an increased minimum wage rate. Review the state law summaries of the HR Support Center to stay updated with your state’s minimum wage.
President Barack Obama signed the payroll tax cut extension into law on February 22, 2012. The “Middle Class Tax Relief and Job Creation Act of 2012,” extends the two percent payroll tax reduction until December 31, 2012 and guarantees up to 99 weeks of unemployment...
