Fiscal Cliff Tax Highlights

sb10067256a-001Happy New Year everyone!  One of our most popular blog posts of 2012 dealt with the looming fiscal cliff and it’s potential impact on transferees and the relocation industry.

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.

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