In This Issue:
- Tax Law: Important Tax Developments From the First Quarter of 2012...Page 1
- Alert for Trademark Owners: Trademark Monitoring and Registration Scams...Page 2
- Excerpt from Important Tax Developments...
The following is a summary of the most important tax developments that have occurred in the first quarter of 2012 that may affect you, your family, your investments and your business.
Payroll tax cut extended for all of 2012. On February 22, 2012, President Obama signed the “Middle Class Tax Relief and Job Creation Act of 2012” into law. It extended the 2 percent payroll tax cut through the end of 2012. Earlier legislation had extended it for only the first two months of 2012. Thus, the 2 percent payroll tax reduction and the 2 percent reduction in the Old-Age, Survivors and Disability Insurance tax under the Self- Employment Contributions Act tax for the self-employed applies through December 31, 2012. As a result, for 2012, employees pay only 4.2 percent Social Security tax on wages up to $110,100 (wage base for 2012) and self-employed individuals pay only 10.4 percent Social Security self-employment taxes on self-employment income up to $110,100. The maximum savings for 2012 is $2,202 (2 percent of $110,100) per taxpayer. If both spouses earn at least as much as the wage base, the maximum savings is $4,404...
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