The holidays are quickly approaching, and for Payroll and HR Managers this means more than just the normal chaos of shopping and wrapping gifts…its year end. With the added commotion surrounding year end, it is easy to miss other important tax updates that will affect you in 2012.
The IRS has released many updates to tax forms, tax tables and tax calendars that you need to be aware of for the new year. To save you valuable time and effort, we compiled a list of these updates with important highlighted information and links.
2012 Federal Percentage Method Income Tax Withholding Tables Released
2012 Withholding Table Allowance Amount Changes.
- Payroll Period: One Withholding Allowance:
- Weekly: $73.08
- Biweekly: $146.15
- Semimonthly : $158.33
- Monthly: $316.67
- Quarterly: $950.00
- Semiannually: $1,900.00
- Annually: $3,800.00
- Daily or Miscellaneous: $14.62
The link has not been posted yet but you can check the IRS Site periodically for updates.
Form 940 for Tax Year 2011 Released
All information, including a copy of Form 940 is available.
2012 Forms W-2 and W-3 and Instructions Released
The instructions for the W-2 and W-3 forms have been changed and now include instructions for U.S. possessions and corrected wage and tax statements. Click for information here on the W- 2 or information on the W-3
Tax Calendars for 2012 Released
All important dates for tax filings for 2012 are laid out so taxpayers do not have to calculate these dates themselves. See details of the 2012 Tax Calendar
Tables for Figuring Amount Exempt From Levy in 2012
The IRS has released the new exempt amounts from IRS levy tables needed when receiving a Notice of Levy to collect the correct amount from individuals who are delinquent on their federal income tax. The new Tables for Amount Exempt from Levy are available here.
IRS Revises Electronic Filing Specifications for Form 8027
Updates are effective for Forms 8027 due February 29, 2012. Penalties associated with information filing return have increased significantly, so ensure it is always done correctly and on time. The 2012 Form 8027 is available here.