NJSBDC at TCNJ

2013 IS HERE
HOW CAN WE HELP YOU THIS YEAR?

          

INCOME TAXES: Prior to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the rate brackets were 15, 28, 31, 36, and 39.6 percent. The 2001 Act created a new 10-percent regular income tax bracket for a portion of taxable income that was previously taxed at 15 percent. The EGTRRA also reduced the tax rates in excess of 15 percent to 25, 28, 33, and 35 percent, respectively.

Effective January 1, 2013, the rates and brackets will be configured something like the following with a new 39.6 bracket for incomes over $400,000 for individuals. The lower brackets are adjusted for inflation and the top bracket fixed by the new law (in later years it is indexed as well). Since the income levels are adjusted for inflation, the exact numbers are not yet available so consider these estimates only. The IRS will be releasing official brackets soon. 

 

For an individual, if taxable income isThen income tax equals
Not over $8,90010% of the taxable income
Over $8,900 but not over $36,150$890 plus 15% of the excess over $8,900
Over $36,150 but not over $87,550$4,978 plus 25% of the excess over $36,150
Over $87,550 but not over $182,600$17,828 plus 28% of the excess over $87,550
Over $182,600 but not over $397,000$44,442 plus 33% of the excess over $182,600
Over $397,000 but not over $400,000$115,194 plus 35% of the excess over $397,000
Over $400,000$116,244 plus 39.6% of the excess over $400,000

 

-- Article by Charles "Tee" Rowe, President/CEO of ASBDC - ASBDC-US.org, LinkedIn Profile

 

Continue to the FULL ARTICLE, which describes in more detail PEP Deduction Caps, PEASE Deduction Caps, Alternative Minimum Tax, Estate Tax, Dividends, Capital Gains, FICA Payroll Taxes, Social Security Tax, NEW H.I. TAX, Investment Tax, and Tax Credits.

 

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How Were You Impacted by Hurricane Sandy? - Disaster Recovery Survey (from NJ Urban Enterprise Zone Authority)

 


 

Upcoming Business Training
(View Entire Calendar)

 

Mon/Wed, Jan 21/23, 8:30am-4:30pm - Quickbooks Accounting: 1/2 the Time, Double the Results (offered monthly)

 

Tues, Jan 22, 6:00pm-8:00pm - How to Start a Business from A to Z (bi-monthly)

 

Tues, Feb 5, 9:30am-12:30pm - Federal Contracting Preference Programs Workshop

 

Tues, Feb 26, 5:30pm-8:00pm - QuickBooks Intro Seminar: Overview and Question/Answer (quarterly)

 

Wed, Feb 27, 6:00pm-8:00pm - Doing Business with Mercer County: Products and Services (3 times per year)

 



The NJSBDC network (www.njsbdc.com) is the premier provider of comprehensive services and programs for small business in New Jersey. The organization, which consists of 11 centers statewide, helps businesses expand their operations, manage their growth or start ventures. The New Jersey Small Business Development Centers (SBDC) network is partially funded by the U.S. Small Business Administration, the State of New Jersey, and The College of New Jersey. SBA's funding is not an endorsement of any products, opinions, or services. All SBA-funded programs are extended to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities will be made, if requested at least two weeks in advance by contacting 609-771-2947.

 Mercer County Seal Association of Small Business Development Centers