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
Doctor in London Guilty of Tax Evasion
It has been reported that a London doctor that worked in Eastern Kentucky and Tennessee has pleaded guilty to having evaded well over $900,000 in federal income taxes. This was announced by Kyle Edelen, a spokesman for the U.S. Attorney Kerry B. Harvey.
The 64 year old Werner Grentz pleaded guilty this past week to tax evasion in London’s United States District Court. Grentz agreed to a plea stating that he must pay the Internal Revenue Service the debt that he owes in full.
Grentz worked as an independent doctor for Jellico, Tennessee hospital, and he said that he had earned $356,073 in taxable income in the year 2009. In order to hide his income, Grentz took it upon himself to hide his deposits in bank accounts of the companies that he had control over. This allowed him to not file tax returns or pay federal income taxes. Starting in 1999, Grentz said that he avoided paying $900,068 in taxes.
He was indicted on April 6 by a grand jury. As reported through the indictment, Grentz had earned more than $1.5 million from the year 2005 to 2010, yet he hadn’t filed any income tax return since the year 1999.
Grentz will be sentenced on May 16 in London, and he could face up to a maximum of 5 years in prison for his crime of tax evasion. The IRS, along with the Criminal Investigation Division, discovered Gretz’s tax evasion crime and conducted the indictment that will put him behind bars.
Categories: Federal Tax, Income Tax, Tax Evasion Tags: avoiding taxes, federal income tax, federal tax, federal tax fraud, tax evasion, tax fraud
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