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.
Categories: Federal Tax, Income Tax, Tax Law Tags: corporate tax, federal income tax, federal tax, payroll tax, tax increase, tax law, tax reform, tax the rich
Taxes Will Rise in 2013
Although the fiscal cliff has been averted, there was a consequence to it that will make many unhappy: Americans are projected to pay higher taxes in 2013.
From the information and facts taken from the Tax Policy Center, about 77% of American households will be paying higher federal income taxes for this year. The hike will mostly be in payroll tax.
According to Roberton Williams, an economist at the Tax Policy Center, only less than 2% of all tax units will see an increase in taxes in the year 2013.
If you are making over $400,000 in a single year, on your own, or if you’re part of a family that rakes in over $450,000 than the tax rate on your last dollars of income will go up about 5 percentage points.
All workers across the nation will definitely see an increase in taxes this year. Congress had let the payroll tax cut expire right before the calendar rolled into 2013, meaning that for every $100 you make this year, $2 will be taken away by taxes, compared to last year.
There was quite a debate over taxes, as it played a critical part in this past year’s presidential election. President Obama stayed true to what he said in raising taxes for the wealthy. President Obama’s decision is still more or less controversial because there are some that believe the wealthy shouldn’t bear the responsibility of paying more taxes because they have more money. Regardless of whether it’s fair or not, workers will still have to pay more taxes this year.
Categories: Federal Tax, Income Tax Tags: corporate tax, federal income tax, federal tax, income tax, tax law, tax the rich
Woman in Cordele Indicted for Identity Theft
A woman from the city of Cordele was indicted this past Thursday by a federal grand jury for her crime of stealing people’s identities. From reports of the U.S. Attorney’s Office, Kimberly Michelle Banks was charged for using stolen identities and making false federal income tax returns.
Banks was charged with aggravated identity theft and wire fraud through a 6 count indictment. Federal prosecutors believed that she had used stolen identities to prepare false tax returns, and submitted them electronically to the IRS for refunds, knowing full well that they were fraudulent.
This particular case is being prosecuted by Trial Attorneys Alexander R. Effendi and Justin K. Gelfand. Both work under the Justice Department’s Tax Division. In addition, Michael Soli of the U.S. Attorney’s Office for the Middle District of Georgia will also be on the case. The investigation of this case was done in part with the help of the IRS, as they aggressively seek out tax cheats and identity thieves on a daily basis.
There are many cases of identity theft that have been happening, and they will continue to happen as long as individuals are careless in protecting their personal information. These criminals can use it to make fraud federal income tax returns and more. Even if you don’t think that you are being careless with your information, you should still take extra precaution with your personal information. There are many identity thefts that are caught, but there are some that slip by, and will walk away with thousands of dollars of your hard earned cash.
Categories: Tax Law Tags: identity theft, tax law