Orion Mobility recently ran an article outlining tax changes that are coming in 2013 as a direct result of the fiscal cliff being averted. According to Orion Mobility a couple of the tax changes that are coming are:
- The child tax credit was extended for 2013 at $1,000 per child under the age of 17.
- The new 2013 Social Security rate & threshold (6.2% & $113,700) and Medicare withholding rate jumps to 2.35% on YTD FICA earnings exceeding $200,000.
You’ll want to take the time to read the article in its entirety as it may apply to your relocating transferees.