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PKF Texas: The Entrepreneur’s Playbook® – Tina Winograd

by | Jan 14, 2013 | PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

Greg: This is PKF Texas, the Entrepreneur’s Playbook. I’m Greg Price, director of Consulting Solutions and I’m here again with Tina Winograd, a payroll specialist in our accounting department at PKF Texas. Tina, welcome back to the Playbook.

Tina: Thank you.

Greg: Tina, last time you were here we talked about the possibility of changes for payroll taxes. Now the President has signed the American Taxpayer Relief Act. What’s going to be transpiring for us?

Tina: Unfortunately despite all the good news we’re hearing about avoiding the fiscal cliff we’re going to be paying a bit more in taxes. According to some estimates the Act will raise average middle class taxes by about $25.00 per week.

Greg: So as we say around here sometimes your mileage may vary so that impact could be different for a lot of folks.

Tina: Yes.

Greg: Now I’ve heard some changes are coming in Social Security. Can you kind of amplify what’s going on there?

Tina: Yes. The special 2 percent rate for Social Security tax has expired. So Social Security taxes will be at the 6.2 percent up to the wage limit of $113,700.00.

Greg: And there’s another change coming I think in Medicare. Is that correct as well?

Tina: Yes. The additional .9 percent tax for wages over $200,000.00 is still in effect but overall employees made out pretty good with the Act’s passage but there are more things in store for 2013 taxes.

Greg: Okay. Well we’ll have you back to talk about some of those other things. Is that okay?

Tina: Great.

Greg: All right. We’ll have you back here again. Thanks for joining us. This has been another Thought Leader Production brought to you by PKF Texas, the Entrepreneur’s Playbook. Tune in next week for another chapter. If you’d like to get more information about the American Taxpayer Relief Act go to PKFTexas.com/taxnews.

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