Friday, January 18, 2013
January 15 will be the first paycheck of 2013 for many workers. Did you notice the higher taxes you're now paying?
This year, the 15th of January isn't just halfway through the first month of the year. For many people who are paid twice a month, the 15th will be their first paycheck of the New Year - and the first check they've gotten since the end of the FICA tax holiday. Remember the Fiscal Cliff? Part of the battle between President Obama and the Republican Congress included whether the employee's share of that temporary tax reduction would be allowed to lapse, and thus hike taxes on middle-class workers. The Fiscal Cliff resolution wound up including the expiration of a 2 percent Social Security temporary tax reduction, the result of which is now reflected in everyone's paycheck. Now, the employee's share of FICA tax is 6.2 percent, up from the 4.2…
Wednesday, January 2, 2013
The congressman voted in favor of the Senate agreement.
Wednesday, January 2
Congressman Leonard Lance (NJ-07) today issued the following statement regarding House passage of the "fiscal cliff" compromise: “I voted in favor of the Senate agreement in large part because it provided the only option available to stop a scheduled tax hike that would have disproportionately affected New Jersey's small businesses, taxpayers, investors and working families and pushed our fragile economy deeper into recession. “This legislation permanently extends the Bush tax cuts for 99 percent of households. It permanently fixes the onerous alternative minimum tax (AMT), giving tens of thousands of hard-working, middle-class New Jersey families much-needed certainty in this area. And it extends through 2013 important small business …
Sunday, December 30, 2012
U.S. needs a genuine third party to deal with this and other issues.
Looking back from this point, 2012 seems to have been filled with misery and grief: the Newtown mass shooting that killed 20 children, Superstorm Sandy and the devastation she brought, the Aurora theater shooting. Locally, there have teen suicides that touched several communities. Longtime businesses have shut their doors or announced their closings. Many in red Northwest Jersey probably viewed the re-election of President Barack Obama as bad news, as well. So perhaps it is appropriate that the nation spends the last hours of 2012 teetering on the edge of the so-called "fiscal cliff." Part of what led us to the cliff was well-intentioned: A bill designed to reduce the federal deficit. The other main problem was beneficial to taxpayers, but…
Thursday, December 27, 2012
The financial deadline looms in Washington, with no deal yet made. Check this primer, and share your questions and thoughts.
With Christmas 2012 over, one reality check is that the looming "fiscal cliff" deadline is just a few days away. On December 31, tax cuts dating to the George W. Bush presidential term are scheduled to expire, and President Obama and congressional leaders have not reached a compromise. Of course, that means tax bills would increase for many middle- and upper-class taxpayers. And that means paycheck withholding for many workers would change, leaving them with less take-home pay in the new year. Apparently, though, there will be no immediate change in withholding tables, while the situation is unresolved. According to John Tuzynski, the IRS’ chief of employment tax policy, employers should continue to use 2012 withholding tables and personal…