2012 New Year Tax Updates

As you are already likely aware, the US Congress previously enacted the Temporary Payroll Tax Cut Continuation Act of 2011. Recently, President Obama and Congress agreed to extend the 2011 payroll tax cut through February 29, 2012.  What this means is that the “employee’s” OASDI portion of FICA taxes (i.e. Social Security tax contributions)  will […]

Social Security’s OASDI Program Increases Limits In 2012

According to the Social Security Online website, the Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program limits for 2012 will be increased to $110,100.  This is a portion of the employment taxes charges to employers and employees alike often referred to as “FICA”. The OASDI tax rate for wages paid is set by statute […]