2012 TAX TOOLS & UPDATES
2011 Tax Organizer
2011 pdf
Nanny Tax Threshold Rises to $1,800
Cash remuneration paid by an employer for domestic service in the employer’s private home isn’t FICA wages if the amount paid during the year is less than $1,800.
Social Security Wage Base Increases to $110,100
For business use of an automobile the mileage rate remained at 55 ½ cents per mile. For medical or moving expenses, it is 23 cents per mile (a half-cent decrease from the second half of 2011). For services to charitable organizations, the rate (which is set by statute) is 44 cents per mile.
The wage base for computing the Social Security tax (OASDI) in 2012 increases to $110,100 from $106,800, which was the wage base for 2009 through 2011. The $3,300 increase, which is about 3%, is due to an increase in average total wages.
Standard Mileage Rates for 2012
