Social Security and Medicare Tax for 2012

The employer tax rate for social security remains unchanged at 6.2%. On wages paid and tips received before March 1, 2012, the employee tax rate for social security is 4.2%. On wages paid and tips received after February 29, 2012, the employee tax rate for social...

IRS Mileage Rate

The Internal Revenue Service (IRS) optional standard mileage rate of 55.5 cents/mile for business miles expires on December 31, 2011. The IRS has not yet announced if the rate will be different in 2012.

DOL To Coordinate With IRS

Secretary of Labor Hilda L. Solis, on Sept. 19, 2011, hosted a ceremony at U.S. Department of Labor (DOL) headquarters in Washington, D.C., to sign a memorandum of understanding with the Internal Revenue Service (IRS) that will improve departmental efforts to end...

Increased Standard Mileage Rates

On June 23, 2011, the Internal Revenue Service announced an increase in the optional standard mileage rates for the second half of 2011. The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through December 31, 2011.

SSA Issuance of “No Match” Letters

On April 6, 2011, the Social Security Administration (SSA) reintroduced the issuance of social security no-match letters to notify an employer (and the affected individual) that the social security number information reported by the employer does not match the...
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