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2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
HERE IS HOW TO REPORT IT Health Insurance for the entire family goes on Shareholder’s W2 Box 1 & Box 14 (Does not affect FICA). W3 Box 1 only Form 941 Box 2 only (Does not affect FICA). Form 940 Included in Total Payments Line 3 & Box 4 – excluded from FUTA tax UCT-6…
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2012 Mileage Rates
The 2012 federal mileage rates for the use of a car (also vans, pickups or panel trucks) will be: $0.555 per mile driven for business purposes $0.23 per mile driven for medical or moving purposes $0.14 per mile driven in service of charitable organizations […]Read More… from 2012 Mileage Rates
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Vacation Homes – sometimes you don’t declare the rent!
Vacation homes are taxed under one of three sets of rules depending on how long the homeowner rents the property. If you rent your vacation home for fewer than 15 days during the year, no rental income is includible in gross income. If you rent the property for 15 or more days during the tax…
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How Often Does Tax Law Change….
There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. […]Read More… from How Often Does Tax Law Change….
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2012 Payroll Tax Cut Extended 1st Two months
A 2-Month Extension to the Payroll Tax Cut Signed Friday, December 23, 2011 a 2-month extension of the payroll tax cut was signed. This means the employee social security rate will remain at 4.2% through February 29, 2012. Paycor has updated the tax rate to 4.2% for January and February 2012. We continue to closely…