Archive for the ‘Tax News’ Category
First-time Home Buyers Tax Credit Extended
The First-time Home Buyers Tax Credit has won Congressional approval and could be signed by President Obama as early as Friday November 6, 2009.
The Bill extends the existing credit for first-time home buyers, worth up to $8,000, and will offer a new credit of up to $6,500 for some existing home buyers.
To qualify, a home buyer must have a signed purchase agreement by April 30, 2010 and close by June 30, 2010
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It’s Not What You Earn, But What You Keep, After Taxes.™ |
Posted in Tax News
2010 Social Security Wage Base
The Social Security wage base will remain $106,800 for 2010, the first time the index hasn’t budged since 1971. The tax rates will not change either: 6.2% for FICA and 1.45% for Medicare. Self-employed taxpayers will pay 15.3% on the first $106,800 of their net earnings and 2.9% on any amounts above that.
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It’s Not What You Earn, But What You Keep, After Taxes.™ |
Posted in Tax News