Tax Rates

2012 Social Security and Medicare: Tax Rate and Maximum Taxable Earnings


Most people who work or are self-employed are subject to Social Security taxes. This is true, regardless of age. Employers are also subject to Social Security taxes for their employees. If you are self-employed, and your business’ net profit is greater than $400, you must also pay Social Security (and Medicare) taxes. Self employed workers have […]

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2013 Business Tax Changes and Credits in Fiscal Cliff Deal Extend Small Business Jobs Act Tax Changes


[2013 Small Business Tax Breaks Extensions] Congress and the Obama administration have reached an agreement that will extend a number of small business tax breaks through 2013 following the fiscal cliff deal which was legislated through the Taxpayer Relief Act of 2012. This includes: R&D credit extended: The Research and Development (R&D) tax credit was extended for another year and reinstated retroactively for […]

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2011 Tax Brackets, Rates and Federal Taxable Income Thresholds. Standard Deduction and Exemption Increase


President Obama and Congress have approved a two year extension to all the Bush-era tax cuts. This means that the 2011 Federal IRS tax rates will be the same as 2010 rates, shown in the table below. However tax bracket ranges and standard deduction levels have increased slightly. A rise in tax rates would have cut the […]

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