Client Memo – Mandatory E-Pay
On September 30, 2008, Governor Schwarzenegger signed into law a requirement for certain individuals to remit all California state income tax payments electronically once they: Make an estimated income tax or extension payment over $20,000 for the taxable year beginning on or after January 1, 2009; or File an original return with an income tax […]
Client Memo – Bush-era Tax Cuts Extended
On December 17, 2010, President Obama signed into law the bipartisan tax bill to extend various Bush-era tax cuts and create tax breaks for all. Below is a summary of some of the important provisions: Temporary extension of current tax rates through 2012 Tax Rates Individual 10% 15% 25% 28% 33% & 35% Long-term capital […]
Client Memo – 2011 Payroll Tax Update
Effective January 1, 2011, new payroll rates go into effect, changing deductions on all payroll checks. The social security & self-employment tax wage base will not change for 2011. The employee share of the social security tax & the self-employment tax will be decreased to 4.2% while the employer share remains at 6.2%. Again in […]
