Tax Rate Changes You Need To Know About
Although tax rates are a boring subject, you need to keep up with them when they change. Effective 7/1/11, the new standard mileage rate is 55½ cents per mile for the remainder of 2011 (unless they change it again). This is an increase of 4½ cents over the initial rate. Also, if you are a business that pays payroll taxes, the Federal Unemployment tax rate (FUTA) is decreasing to .6% from .8%. The maximum wage you pay this tax on has not changed, it is still $7,000. Check out CS and Company to see other changes happening with taxes.