Payroll Tax Cut Extended Thru End of 2012
Posted by Shawn Sweeney on February 23, 2012

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Congress extended the payroll tax cut thru the end of the year 2012.  The tax cut reduces the employee’s FICA contribution rate from 6.2% to 4.2%.  President Obama is expected to sign the extension “soon”.

As a result of the tax cut, an individual earning $50,000 per year should see nearly $20 more in weekly take-home pay.  An individual earning $100,000 per year should see nearly $40 more in weekly take-home pay.

For further information, please visit Orion Mobility’s blog at www.orionmobility.com or contact Quentin Hormel at 203-563-2119 or qhormel@orionmobility.com.

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More 2012 State Tax Changes Announced
Posted by Shawn Sweeney on

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Three more states announce 2012 tax changes:

-          Massachusetts – Lowered its flat tax rate from 5.3% to 5.25%.

-          New York – Lowered its top tax rate from 8.97% to 8.82%.

-          Oregon – Lowered its top tax rate from 11.0% to 9.9%.

Please update your records.

For further information, please visit Orion Mobility’s blog at www.orionmobility.com or contact Quentin Hormel at 203-563-2119 or qhormel@orionmobility.com

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2012 State SDI/SUI Rates and Thresholds Announced
Posted by Shawn Sweeney on January 13, 2012

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Need to know the SDI/SUI state rates?

Below are a few of the more common state SDI/SUI rates and thresholds that have been announced for 2012:

  • Alaska SUI  -  withhold at 0.66% on earnings up to $35,800.
  • California SDI  -  withhold at 1.0% on earnings up to $95,585.
  • New Jersey TDI/SUI  -  withhold at 0.625% on earnings up to $30,300.
  • New Jersey FLI  -  withhold at 0.08% on earnings up to $30,300.
  • Rhode Island TDI  -  withhold at 1.2% on earnings up to $60,000.

Also, three county tax rates in Maryland are changing for 2012: 

  • Anne Arundel County is decreasing from 2.56% to 2.49%
  • Baltimore County is increasing from 2.83% to 3.20%
  • Queen Anne’s County is increasing from 2.85% to 3.2%
  • All other county rates in Maryland are unchanged. 

For further information, tweet us @Orion_Mobility or contact Quentin Hormel at qhormel@orionmobility.com.

2012 Taxes, News and Events, Tax Guide, Tax Updates

2012 State Tax Updates
Posted by Shawn Sweeney on January 10, 2012

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The 2012 state tax updates are now available. Orion Mobility has updated its reloviews software with the new changes.  Below is a listing of the bigger changes starting 1/1/12:

  • DC – Added an extra tax bracket for those making $350,000+ with a rate of 8.95%.  Previously the top withholding and marginal tax rate was 8.5%.
  • Delaware – Lowered the top tax rate from 6.95% to 6.75%, for withholding and marginal tax purposes.
  • New York – Lowered the flat supplemental withholding rate from 9.77% to 9.62%.
  • Oklahoma – Lowered the top marginal tax rate from 5.5% to 5.25%.

Thanks and Happy New Year!

 

, , , 2012 Taxes, News and Events, Tax Law, Tax Updates

Payroll Tax Cut has Officially Been Renewed for Another Two Months
Posted by Shawn Sweeney on December 23, 2011

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Today, the payroll tax cut has officially been renewed for another two months thru February 2012.  Eventually, it is expected to be extended thru December 2012.

Originally introduced as a one-year tax cut for 2011, the tax cut reduces the employee’s FICA contribution rate from 6.2% to 4.2%.  As a result, an individual who earns $50,000 will pay $1,000 less in taxes over the course of the year.  An individual earning $100,000 will pay $2,000 less in taxes.

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