Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010... It sure is a mouthful to say. A less complicated name for it: the tax bill that finally passed in congress and signed into law by the President about a month ago. How will this affect you? The bill provides a 2 year extension of the Bush era tax cuts. So you'll see the same rates this year as your taxes for 2010. The upper range for each tax bracket has been increased by 1.5% to account for for inflation. The standard deduction also increased by about 1.75% for the same reason; it is now $5,800 for single filers and $11,600 for married couples filing jointly. Below is a chart of the brackets and rates:
Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts
Thursday, January 13, 2011
Friday, January 7, 2011
W-4
It's Friday so I'll make this a short one.
I received my 2011 W-4 form at work today, which reminded me how confusing it was the first time I got one. The form lets your employer know how much to withhold from your earning for federal income tax. You may adjust the allowance on your W-4 whenever you choose to depending on any changes in your financial situation or tax rates. If your income and tax rate remain the same, and you are satisfied with the current amount of income withheld, there is no need to make changes.
I received my 2011 W-4 form at work today, which reminded me how confusing it was the first time I got one. The form lets your employer know how much to withhold from your earning for federal income tax. You may adjust the allowance on your W-4 whenever you choose to depending on any changes in your financial situation or tax rates. If your income and tax rate remain the same, and you are satisfied with the current amount of income withheld, there is no need to make changes.
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