On behalf of everyone here at Stegman & Company, we would like to welcome Ana Welborn who has joined our firm as a staff accountant in the tax department.
Ms. Welborn earned a Bachelor of Science degree in Financial Economics from University of Maryland Baltimore County with a certificate in Accounting and has passed the CPA exam.
Welcome Ana!
Several new tax provisions took effect January 1, 2012.
Inflation adjustments
The applicable amounts for many tax items increased on January 1 due to annual inflation. The personal exemption amount has increased to $3,800. Various credits and other items were also adjusted. Contribution limits and other amounts for pension plans and retirement accounts were also changed for 2012, and the Social Security wage base for 2012 is now $110,100.
On behalf of everyone here at Stegman & Company, we would like to welcome Yessica Weaver who has joined our firm as a Staff accountant. Ms. Weaver earned a Bachelor of Science degree in Accounting from Towson University in May 2011. She is currently pursuing a Master’s degree in Forensic Accounting from Stevenson University.
Welcome, Yessica!
The Temporary Payroll Tax Cut Continuation Act of 2011 will temporarily extend the two percentage point payroll tax cut for employees, continuing to reduce Social Security tax withholding from 6.2 percent to 4.2 percent of wages paid through February 29, 2012.
According to the Internal Revenue Service (IRS), low and moderate-income workers can earn a special tax credit, the Retirement Savings Contribution Credit, by taking steps to save money. The saver’s credit helps offset part of the first $2,000 that workers voluntarily contribute to an IRA or 401(k) plan.
