Posts tagged "tax the rich"

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: , , , , , , ,

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.




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Posted by Taxmaster - March 30, 2013 at 9:35 pm

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

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