Monday, December 26, 2011
Under the terms negotiated by Congress, the law also includes a new “recapture” provision, which applies only to those employees who receive more than $18,350 in wages during the two-month period (the Social Security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year amount). This provision imposes an additional income tax on these higher-income employees in an amount equal to 2 percent of the amount of wages they receive during the two-month period in excess of $18,350 (and not greater than $110,100).
This additional recapture tax is an add-on to income tax liability that the employee would otherwise pay for 2012 and is not subject to reduction by credits or deductions. The recapture tax would be payable in 2013 when the employee files his or her income tax return for the 2012 tax year. With the possibility of a full-year extension of the payroll tax cut being discussed for 2012, the IRS will closely monitor the situation in case future legislation changes the recapture provision.
The IRS will issue additional guidance as needed to implement the provisions of this new two-month extension, including revised employment tax forms and instructions and information for employees who may be subject to the new “recapture” provision. For most employers, the quarterly employment tax return for the quarter ending March 31, 2012 is due April 30, 2012.
Friday, December 23, 2011
Tuesday, December 20, 2011
Criticizing Eric Holder is racist, says Eric Holder -- First Eric Holder blamed the Daily Caller for his problems. That didn't work, so now he's trying a slightly different approach.
Matthew Boyle reports: "Attorney General Eric Holder accused his growing chorus of critics of racist motivations in a Sunday interview published in the New York Times. When reached by The Daily Caller Monday morning, the Department of Justice provided no evidence to support the attorney general's claims. Holder said some unspecified faction — what he refers to as the 'more extreme segment' — is driven to criticize both him and President Barack Obama due to the color of their skin. Holder did not appear to elaborate on who he considered to make up the 'more extreme segment.' 'This is a way to get at the president because of the way I can be identified with him,' Holder said, according to the Times. 'Both due to the nature of our relationship and, you know, the fact that we're both African-American.'
The White House hasn't returned requests for comment on whether President Barack Obama agrees with his top law enforcement officer's allegations of racial motivations." In other words, Eric Holder allowed thousands of illegal weapons to be smuggled over the border into Mexico (resulting in hundreds of deaths, including that of at least one federal agent) and then lied about it, but you're only holding him accountable for it because he's black.
How is Holder's panicky racebaiting going over among his critics? About as well as you'd expect, as Boyle reports: "Florida Republican Rep. Allen West told The Daily Caller on Monday that Attorney General Eric Holder's use of the race card as a way to attack those who are criticizing him is 'reprehensible.' 'I think this is absolutely the last card in the deck, and that shows how weak their ground is,' West said in a phone interview. 'But, what that means is they want to make white individuals afraid of continuing to put the pressure on Eric Holder because they don't want to be seen as racist, and that is something that we have got to move beyond.'"
"Illinois Republican Rep. Joe Walsh, one of the first members of Congress to demand Attorney General Eric Holder resign over the ill-fated Operation Fast and Furious gun-walking program, told The Daily Caller that Holder's recent use of racial politics to attack his critics appears to be something President Barack Obama 'orchestrated.' 'This is sort of the last refuge that people on the left will go to when they're in trouble,' Walsh said in a phone interview. 'They'll accuse their opponents of racism. My God, we've got tons of problems in this country and … this president, is through Eric Holder, saying, "Nope, you can't criticize me. If you criticize me, we're going to accuse you of racism." Shame on them, that's terrible.'"
Pointing out that Eric Holder is trying to deflect substantive criticism with an accusation of racism is racist, you racists. Well, at least Holder has the New York Times covering for him, even if they're completely wrong on the facts. Hold the line!
Saturday, December 10, 2011
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