Posts tagged "tax increase"

First Nations University implemented federal income tax changes for payroll deductions

First Nations University has reported that they will start implementing federal income tax changes for their employee payroll deductions. Those employees who work in Prince Albert and Saskatoon will be treated under new federal income tax changes in their next payroll. First Nations University official also told that all the employees from various campuses will go through provincial income tax deductions. New federal income tax will be validated for Regina campus of First Nations University to all other campuses.

New federal income tax changes will start working from January 1, 2013. Workers at Regina campus will continue to exempt from their federal income tax, reported the First Nations University officials. University put the exemption first time in 2003 and now officials have understood that it has been applied too widely. VP of finance, Mr. Juliano Tupone announced that changes will be implemented and they are not going to fight it.  Federal income tax will be based on new income tax brackets for First Nations University employees and new updates will be followed by the University. He added that they are working with the relevant parties to assist their employees as much as possible.

Mr. Tupone said that university administration wants to follow all the tax rules. Later on, a broadcasting company tried to contact the federal government about these updates but they declined to discuss about the issue. Further updates are expected this week once federal government comments about the new tax changes.


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Posted by Taxmaster - April 15, 2013 at 11:18 pm

Categories: Federal Tax, Income Tax, Tax Law   Tags: , , , , , , ,

Apple Pays Federal Income Tax Worth $6 Billion In 2012

Even the extremely successful Apple isn’t safe from the taxman. If anything, it’s due to pay some of the highest federal income tax in the United States.

MacRumors  has reported that Apple has paid a total of $6 Billion in federal income tax for 2012. The amount tallies up to about a fortieth of the total corporate tax collected by the United States government. That is a little above 2% from the overall total, solidifying Apple as one of the highest taxed companies in the country.

Despite its staggering federal income tax bill, Apple has been often criticized for using the legal system to cut down its federal income tax. Apple allots an estimated 70 percent of its total revenue abroad. This allows Apple to make use of foreign laws to shield itself from high United States federal income tax.

Still, Apple claims that any federal income tax exemptions it may enjoy are well within the laws of the United States government.

Apple has been reported to be one of the first corporations to utilize what is now known as the “Double Irish with a Dutch Sandwich”. The method allows a company to cut down its federal income tax by coursing its profits through various European subsidiaries before returning back into the corporation. The result is a substantial decrease in owed federal income tax. Because of Apple’s success with the method, it isn’t uncommon for notable multinational corporations to use the same method to curb its own federal income tax.





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Posted by Taxmaster - February 20, 2013 at 9:28 pm

Categories: Federal Tax, Income Tax   Tags: , , , ,

Federal income tax changes to your January paychecks

Obama administration and US congress have agreed to the 2013 federal income tax rates, but it may affect your January paychecks. The Washington leaders are busy in a talk about 2013 income tax negotiations, but still no final agreement has been reached. UC process the payroll payments to many employees early in January and you will continue with federal income tax rates of 2012 till President Barrack Obama and Congress reach a final agreement and implement new guidelines for 2013 federal income tax brackets.

The new tax rates will be published once IRS offers the official guidelines and organizations will need to upgrade their payroll structure accordingly. Federal income tax rates for 2013 will be published along with IRS publications and new payroll system will not make any adjustments after fully implementation of new tax rates. But it is important to know that January paychecks will reflect the two tax changes;

  1. The updated 2013 California income tax rates resulting from income passage of Governor Brown and sales tax initiatives for 2013, under proposition 30.
  2. QASDI social security of employee will be updated from current value of 4.2 percent to new value of 6.2 percent tax rate.

It means 25 percent federal income tax along with 38.3 percent Medicare payroll taxes and 13.3 percent social security are going to federal income tax in 2012.  For a middle-class tax filer, the average state income tax is 4.82 percent, which brings 43.12% to state and federal taxes.


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Posted by Taxmaster - February 5, 2013 at 11:15 pm

Categories: Federal Tax, Income Tax, Tax Law   Tags: , , , , , , ,

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