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Affordable Care Act May Raise Premiums 2%

The Patient Protection and Affordable Care Act (ACA), along with the Health Care and Education Reconciliation Act of 2010, represent a historic effort by the U.S. government to reform and overhaul the American healthcare system. One of the notable revenue provisions included in the ACA is a fee imposed on health insurers. This fee is Read More

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Minimum Wage is on the Rise in 10 States

Minimum WageThe 2013 minimum hourly wage is set to go up in the following ten states: •Arizona. The rate goes from $7.65 to $7.80. The state’s minimum wage is adjusted annually based on a cost-of-living formula. •Colorado. The rate is going from $7.64 an hour to $7.78 based on an annual cost-of-living adjustment. •Florida. The Read More

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IRS Updates Mileage Rates for 2013

 The IRS has announced that the business standard mileage rate for 2013 will increase by 1 cent to 56.5 cents per mile. The rate for moving and medical purposes will also increase by 1 cent to 24 cents, while the mileage rate for charitable purposes, which is set by law, will remain at 14 cents. Read More

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IRS Plans to Add Line to 2013 Form 941 for Reporting Additional Medicare Tax on High Earners

According to the  APA (American Payroll Association) the IRS plans to add a new line to the 2013 Form 941 for reporting the employee portion of Medicare tax withheld on wages over $200,000. Under the Patient Protection and Affordable Care Act, the Medicare tax rate is due to increase .9% (for employees only) on wages Read More