Posts tagged as:

Medicare

9 Things to Know About the Making Work Pay Credit and Payroll Tax Cuts

4 January 2012

My inbox continues to be chock full of questions about the Making Work Pay Credit for 2011. Taxpayers, it seems, are still confused about whether the credit was extended and how it relates to the payroll tax cuts. So let me see if I can set the record straight for you: The Making Work Pay [...]

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Payroll Tax Cut Bill Includes New ‘Recapture’ Tax for the Wealthy

23 December 2011

So now that the payroll tax cut has been extended for two months, what does that mean for taxpayers? Well, even though the collective wisdom is that Congress will hammer out a longer term deal, the IRS gets to play a game of “let’s put a bunch of provisions in place within the space of [...]

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Congress Takes a Holiday, Passes Payroll Tax Cut Extension Anyway

23 December 2011

Congress may be on holiday but they still managed to get something done. And by something, I mean nothing. But they want to pretend that they did something so we’ll let them have their moment. The House and the Senate passed a bill that would extend the payroll tax cuts for a lousy two months. [...]

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Monday Night Vote Lessens Chances of Payroll Tax Cut Approval

20 December 2011

The payroll tax cut extensions are going nowhere fast… A vote last night by Republicans on the House rules committee will prevent a direct vote today on the Senate plan to extend the cuts by a ridiculous two months. So if you were looking for an update, go about your business today, there’s nothing to [...]

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Compromise Should Avoid Government Shutdown

15 December 2011

Nothing is written in ink (yet) but all indications are that Congress has reached an agreement that would avoid a government shutdown. While the details are sketchy, it would appear that the final budget would include a payroll tax cut extensions, jobless benefits and a continuation of Medicare payments for physicians. All of these items [...]

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Payroll Tax Cuts Extension Part of Kitchen Sink Bill

13 December 2011

The House of Representatives has passed a version of a plan that would extend the payroll tax cuts enacted for 2011. The plan also includes the acceleration of approval of the Keystone XL oil pipeline. The bill, H.R. 3630, was originally known as the Welfare Integrity and Data Improvement Act (yup, not a word about [...]

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Ask the taxgirl: Self-employment Tax

10 December 2011

Taxpayer asks: Since the self-employment tax rate is 12.4 percent, why do I have to pay 15.3%? taxgirl says: Self-employment tax, sometimes called SE tax, is a tax consisting of Social [entity display="Security" type="section" active="true" key="/security"]Security[/entity] and Medicare taxes for those who work for themselves. It’s the equivalent of the total of Social [entity display="Security" [...]

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Ask the taxgirl: Making Work Pay Credit for 2011

8 November 2011

Taxpayer asks: I read that the Making Work Pay Credit was back for 2011 (I saw this post) but I can’t find anything about it even on the IRS web site. Can you help? taxgirl says: Easy answer first: the Making Work Pay Credit was not extended into 2011. The Tax Relief, Unemployment Insurance Reauthorization [...]

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Making The Switch

30 May 2011

Sometime tomorrow, I’m pulling the switch and you’ll start to see my new and improved taxgirl site on Forbes. If you just can’t wait, you can check it out here, subscribe to the feed here and follow me on Forbes by clicking here. Of course, don’t forget about my Facebook page and twitter. In terms [...]

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Budget Vote Shows Medicare Plan Vulnerable

25 May 2011

When presidential hopeful Newt Gingrich first objected to House Budget Committee Chair Paul Ryan’s (R-WI) Medicare proposal, there was a collective gasp in the political sphere. Until a few weeks ago, many Republicans thought the budget, which included a controversial provision to overhaul Medicare, was untouchable. The proposal, which appeared to be endorsed by most of [...]

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