Payroll Tax Cut Extended Through End of 2012

Under current law, the employee-side Social Security tax equals 6.2% of the first $110,100 of wages, and the self-employment side equals 12.4% of such self-employment income. In December 2010, however, Congress reduced these tax rates by two percentage points during 2011. This meant that employees paid only 4.2% on wages and [...]

2009 State Tax Law Changes At A Glance

The N.C. General Assembly made a number of changes to North Carolina state tax laws. Following is a quick first look at some of the changes.

Sales tax increase The state sales tax will increase by 1 percent effective Sept. 1, 2009. As a result of the increase, the combined state and county tax rate will increase to 8 percent in Cumberland County.