January 7th, 2011
All of us are affected by taxes – it’s one of those inevitable parts of life! If you’re an employee hearing from people around you that there are changes that might make a difference to you, your paycheck, or if you’re an employer wondering what you need to do to be in compliance, there are numerous sources out there – and some misinformation too! Be sure to get your data right from the IRS website – it’s the best way to ensure it’s real.
Some of the changes include:
- Reduction in Social Security tax withholding from 6.2% to 4.2% for 2011
- Expiration of the Making Work Pay credit, which may increase the amount of wages subject to income tax withholding
The Internal Revenue Service opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. That’s great news for those of us who put off filing!! They also reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds.
Here is a great article from http://www.irs.gov/ that outlines the changes, with links to forms, the new percentage method for employers to use for withholding, and changes to employee’s payroll taxes:
Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on IRS.gov
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| IR-2010-124, Dec. 17, 2010
WASHINGTON ? The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.
Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.
The new law also maintains the income-tax rates that have been in effect in recent years.
Employers should start using the new withholding tables and reducing the amount of Social Security tax withheld as soon as possible in 2011 but not later than Jan. 31, 2011. Notice 1036, released today, contains the percentage method income tax withholding tables, the lower Social Security withholding rate, and related information that most employers need to implement these changes. Publication 15, (Circular E), Employer’s Tax Guide, containing the extensive wage bracket tables that some employers use, will be available on IRS.gov in a few days.
The IRS recognizes that the late enactment of these changes makes it difficult for many employers to quickly update their withholding systems. For that reason, the agency asks employers to adjust their payroll systems as soon as possible, but not later than Jan. 31, 2011.
For any Social Security tax over withheld during January, employers should make an offsetting adjustment in workers’ pay as soon as possible but not later than March 31, 2011.
Employers and payroll companies will handle the withholding changes, so workers typically won’t need to take any additional action, such as filling out a new W-4 withholding form.
As always, however, the IRS urges workers to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up with a balance due or large refund at the end of the year may want to consider submitting revised W-4 forms. Publication 919, How Do I Adjust My Tax Withholding?, provides more information to workers on making changes to their tax withholding. |
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Tags: 2011 Tax Changes, IRS Tax Change Effects
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January 4th, 2011
Some of the staff took pictures of our office and have been kind enough to share them with us! Take a look at all our photos on our Facebook page and become a fan!

View from the parking lot of our Chesapeake Office.
Tags: Chesapeake Office in Snow, The Lee Group Chesapeake Office, The Lee Group Snow Pictures
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December 20th, 2010
With the Thanksgiving holiday behind us and Christmas and The New Year quickly approaching, you might be watching the scale a little more closely than usual. If you are already frustrated, like many, you may have already thrown your scale out the window and resolved to buy a new one on January 1, 2011. Don’t wait for the excuse of a New Year’s Resolution to lose wait – keep it off before the New Year.
We propose the following 7 steps, to get you through the remainder of the holiday season without gaining 5-10 pounds!
1) Eat a light snack before a big holiday event to keep from overeating. DO NOT FAST – doing so can really lead to overeating at a holiday party!
2) Eat smaller portions! Don’t go back to the desert table for that second cookie or piece of cake. That one choice could mean a difference in 500 – 1000 calories added to your daily intake.
3) Eat slowly! You may feel fuller, faster if you take the time to slow down.
4) Fill your plate with fruits, vegetables, and salad first, and then add portions of lean meat and the tastier items, in smaller amounts, to control calories and portions!
5) Drink plenty of water! Wash your food down with water instead of alcohol or sweet fruit drinks.
6) Eat healthy while at work. Bring healthy snacks and lunches with you during your work day to avoid from overeating when your coworkers bring tasty treats to share. Try almonds or walnuts and fresh fruit – like blueberries and grapefruit. It will help keep weight off and fuel your mind and body for a productive work day.
7) Exercise. Take some time to walk during the day or decide to take the stairs instead of the elevator for a few flights. Invite a friend to go to the gym with you – a workout buddy can keep you motivated!
And remember – everything in moderation! You can enjoy the holidays without torturing yourself with a diet, but you have to control your eating habits.
Tags: Healthy Holiday Eating, Holiday Eating Tips
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October 21st, 2010
Has your life become too complicated? Between telephones, cell phones, voicemail, e-mail, and text messaging, we’ve never been more accessible–and more prone to interruption. Add job and family responsibilities, and it’s enough to make you feel overwhelmed!
Here are some ways you can eliminate burnout and get back on track:
- Practice extreme self-care. When you take good care of YOU, the people and situations in your life will get the “best” of you instead of what’s left of you! Give yourself permission to make self-care a priority. Practicing self-care will show others how to love and respect you by valuing and appreciating who you are.
- Set strong boundaries and keep them. Practice saying “no” more often, especially when saying “yes” would be dishonest to yourself.
- Delegate things that need to be handled. Superheroes aren’t real! If you “have to do it all yourself”, it is time to consider help. Be willing to give up some of your control to decrease all the things on your “to-do” list. Recognize when you have a need AND ask for help (when help is available). Remember, the most successful people work with teams–they don’t succeed alone.
- Decrease and eliminate energy drains. Get rid of clutter, people, situations, and things that sap your energy. Energy drains include: everything unresolved, undone, incomplete, or avoided. Examples: clutter, unanswered correspondence/phone calls, unfinished business, repairs, unpaid bills, avoided conflicts/confrontations, negative thinking.
- Schedule fun! We all need a bit of downtime so mix some fun into your life—you’ll be much more productive!
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