Financial

The following questions and answers provide employers and payroll service providers information that will help them as they prepare to implement the Additional Medicare Tax which goes into effect in 2013. The Additional Medicare Tax applies to individuals’ wages, other compensation, and self-employment income over certain thresholds; employers are responsible for withholding the tax on wages and other compensation in certain circumstances. The IRS has prepared these questions and answers to assist employers and payroll service providers in adapting systems and processes that may be impacted....

Much has been said about the country heading towards a ‘fiscal cliff” if the United States continues down the path we are currently going. The attached chart from Withum Smith + Brown, CPA’s outlines possible outcomes for 2013, depending on which candidate wins the election, and they get everything they are asking for. The other option is what would happen if no one agrees and the automatic cuts kick in....

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