The American Taxpayer Relief Act of 2012 (ARTA) was signed into law by President Obama on January 2, 2013, averting some of the large tax increases that would otherwise have been effective this year. This article provides a summary of some of the key provisions of this law.
Personal Income Taxes
Income tax brackets- The income tax brackets from the Bush tax cuts are permanently retained for taxable income under $400,000 for individuals and under $450,000 for couples. Taxable income above these levels is taxed at 39.6%. These brackets will be annually adjusted for inflation.
Payroll taxes- The employee portion …Read More