With The Tax Relief Act of 2010 Employee payroll taxes have been cut from 6.2% to 4.2% for 2011.1 So if you pay into Social Security, you’re looking at a slight increase in your take-home pay. Have you considered what you will do with that extra money? How about directing it into your 401(k) or IRA? That 2% “tax savings” will show up in higher take home pay throughout the course of the year – it … Read More
When I was young, nothing could get under my skin faster than if my mother said, “Well, your intentions were good.” I knew it was her way of trying to make me feel better about something I did that didn’t quite pan out; but, it hit a nerve. Over time I realized why it bothered me so much. Intentions amount to zip if you don’t back them up with the right actions. A New … Read More
The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 has been passed by Congress and is set to be signed by President Obama later today. (Could they come up with longer titles for these laws?) This legislation not only extends previous Bush tax-cut provisions, but includes some additional measures. Here are the highlights: On federal income taxes: Most of the current federal income tax bracket rates were scheduled to increase in … Read More
Question: It’s open enrollment season at work and my husband and I are each on our own employer health insurance plan. Should we consolidate our coverage to one plan? Answer: When you and your spouse are making this decision, it may be useful for you to focus on three key areas: the out-of-pocket cost of each plan the levels of service and coverage offered, and the coverage offered to any dependent children, if applicable. … Read More