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The IRS has announced that the standard business mileage rate for transportation expenses paid or incurred beginning January 1, 2009, will be 55 cents per mile, down from the 58.5 cents per mile rate for 2008 Source : www.irs.gov/newsroom/article/0,,id=200505,00.html. WASHINGTON — The Internal Revenue Service today issued the 2009 optional standard mileage rates used to […]
OpenCongress Summary: This bill would provide for seven more weeks of unemployment insurance benefits for those whose benefits have run out, but still have not found work. In states with an unemployment rate above six percent – like Rhode Island, Michigan and California – the bill would provide for an additional 13 weeks of extended […]
Michigan’s tax rate remains the same at 4.35% but the Personal Exemption Amount has increased to $3,600. From the michigan.gov web site. The 2009 exemption amount is $3,600 per year times the number of personal and dependency exemptions allowed under the IRC. An employee may not claim more exemptions on the MI-W4 than can be […]
The IRS Chief Council has ruled in a case involving the FICA Tip Credit involving tips undeclared in a previous tax year. From the ruling: “In a prior tax year an employee receives cash tips which constitute wages but the employee fails to report the tip amounts to his or her employer in the year […]
For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments announced today by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, […]
The State Disability Insurance (SDI) withholding rate for 2009 is 1.1 percent up from 0.8 percent. The taxable wage limit is $90,669 for each employee per calendar year. The maximum to withhold for each employee is $997.36. From CA EDD web site
States face unemployment cash crisis Job losses mount: 1.2 million in ’08 State unemployment insurance trust funds are rapidly running out of money amid soaring job losses. This is prompting state officials to consider raising employer taxes or curtailing benefits, while forcing them to borrow from the federal government to cover claims. “Some states didn’t […]
Three states have made public their 2009 Withholding Tax Tables. California and Minnesota have both inflation adjusted their tax tables. Nothing too exciting here. New Mexico actually has lowered the top rate to 4.9% from 5.3% for single taxpayers making over 18050 and married taxpayers making over 31750. PayMaster Hospitality will update these and the […]
Tomorrow is Tuesday, Nov. 4, Election Day. As citizens, we all have the opportunity to exercise our very precious right to vote. When we go to the polls tomorrow to vote for the offices of president, U.S. senator, congressman, governor, state senator, House members and county officials, take a look at each candidate and choose […]