Statistics/Quotes: 06/28/2012

28 06 2012

40% of employees admit that stress over money negatively affects their productivity.

Payroll Tax Cut Extended until February 2012

23 12 2011


The payroll tax rate will now be kept at 4.2 percent until the end of February. It had been slated to increase after December 31 to 6.2 percent.  Eliminating the payroll tax cut would have cost a family earning $50,000 a year about $40 per paycheck. That’s real money for working families.

Now, we know it sounds enticing to spend the money, however if you have not taken advantage of the payroll tax cut for the year 2011, now is your chance! 

Top 3 things to do with the increase:

  • Pay off Debt with this Extra Savings
  • Increase Retirement Contributions
  • Start an Emergency Fund

This is the perfect opportunity to accelerate debt repayment and a time to “beef” up your savings.  Yes, beef up is a financial term.

Happy Savings!

Read more about the tax cut and unemployment benefit extensions here and here.

The American Job Act: The Returning Heroes Hiring Tax Credit for Veterans

7 11 2011

As the unemployment rate for veterans is on the rise, what information can Personal Financial Management Plan (PFMP) employees provide to prospective employers and/or veterans about hiring opportunities?

The President has passed under The American Jobs Act, the “Returning Heroes” hiring tax credit for veterans, which provides a tax credit of $5,600 for business that hire veterans who have been unemployed for six months or longer.  The tax credit is increased to $9,600 when businesses hire veterans with a service-connected disability.  The Returning Heroes tax credit is encouraging businesses to help America’s heroes find employment.

Providing a tax credit incentive for businesses to employee veterans will help encourage hiring and make it easier for America’s heroes to find jobs when they return home.

For more information, refer to the White House’s Press Release here and here.

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