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  The maximum 401(k) contribution is $17,000 this year, a $500 increase over 2011. Individuals born before 1963 can put in as much as $22,500. The contribution limits apply to 403(b) and 457 plans as well. The ceiling on SIMPLEs stays at $11,500. Folks age 50 or older in 2012 can contribute an additional $2,500. Employer payins to qualified plans can be based on up to $250,000 of pay. The payin limitation for defined contribution plans increases to $50,000 in 2012. That’s a $1,000 jump for Keogh plans, profit sharing plans and the like. Anyone making over $115,000 is highly ...

Personal Taxes This year’s income tax brackets are a bit wider than those for 2011, because of an increase in inflation during the 12-month period ending last August that’s used to figure the adjustments. The income tax rates for this year didn’t change because the Bush tax cuts were extended through 2012. The standard deductions for 2012 also increase by small amounts. Married couples can claim $11,900. If one spouse is age 65 or older…$13,050. If both are…$14,200. Singles can take $5,950. Those 65 and up can deduct $7,400. Heads of households can get $8,700 plus $1,450 more once ...

 The Internal Revenue Service today released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers. Under the Middle Class Tax Relief and Job Creation Act of 2012, enacted yesterday, workers will continue to receive larger paychecks for the rest of this year based on a lower social security tax withholding rate of 4.2 percent, which is two percentage points less than the 6.2 percent rate in effect prior to 2011. This reduced rate, originally in effect for all of 2011, was extended through the end of February by the Temporary Payroll ...

6/1/2011
File Form 730 and pay the tax on wagers accepted during April.

File Form 2290 and pay the tax for vehicles first used during
April.

 6/2/2011
Deposit payroll tax for payments on May 25-27 if the semiweekly
deposit rule applies.

 6/3/2011
Deposit payroll tax for payments on May 28-31 if the semiweekly
deposit rule applies.

 6/8/2011
Deposit payroll tax for payments on Jun 1-3 if the semiweekly
deposit rule applies.

 6/10/2011
Employers: Employees are required to report to you tips of $20 or
more earned during May.

Deposit payroll tax for payments on Jun 4-7 if the semiweekly
deposit rule applies.

 6/15/2011
Individuals outside ...

The Florida minimum wage is $7.31 per hour, effective June 1, 2011.The annual calculation is based on the percentage change in the federal  Consumer Price Index for urban wage earners and clerical workers in the South Region for the 12-month period prior to September 1, 2010. The minimum wage applies to all employees in the state who are covered by the federal minimum wage. Employers must pay their employees the hourly state minimum wage for all hours worked in Florida.  The definitions of "employer", "employee", and "wage" for state purposes are the same as those established under the federal Fair Labor Standards ...

Receipts and Records Keeping good records is a very important part of the growth and maintenance of your business. Good records will help you: Monitor the progress of your business Prepare your financial statements Identify source of receipts Keep track of deductible expenses Prepare your tax returns Support items reported on tax returns Monitor the progress of your business You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success.  Prepare your financial statements You need good records to prepare accurate financial statements. ...