FAQ

We receive many questions from our clients and try to answer them as quickly and accurately as we can. We have put together a series of questions that we receive often and have answered them here.

Q. How much will my monthly payments be if I borrow money?

A. Below is a calculator with which you can find out just how much that new house or car is going to cost you each month. Enter values in the fields below to find out how much your payments would be with the given number of payments, interest rate, and amount of the loan.

Q. How much is my car worth?

A. We often receive phone calls that deal with how much a client's automobile is worth. If you want to check out the current value of your vehicle all you have to do is follow one of these links to either Kelley Blue Book or Edmunds Automotive Information. These links will open up in a separate browser window. When you want to return here, simply close the newly opened browser window.

Q. What are the current payroll tax rates and limits?

A. Effective January 1, 2006, please be advised of the following payroll tax changes:

• The wage base for social security has increased to $90,000 and the wage base for medicare tax remains unlimited. For social security the tax rate is 6.2% each for employees and employers. For medicare the rate is 1.45% for employees and employers and has an unlimited wage base.
• The FUTA (Federal Unemployment Tax) maximum base for 2004 remains at $7,000 with the rate also remaining at 0.8%.
• The Federal Government will be issuing new withholding tables for 2006. Refer to "Circular E, Employer's Tax Guide," Publication 15 issued by the IRS.
• New RI withholding tables are supplied for 2006. Please refer to this booklet to determine your RI withholding.
• The RI TDI (Temporary Disability Insurance) maximum salary base for 2006 will change to $50,600 with the rate changing to 1.5%.
• The RI State Unemployment maximum salary base for 2006 is $16,000 with an individualized rate assigned to each employer based on their experience rating. All employers will be notified during December of their individual tax rate for employment security. The JDF rate remains at 0.21%. The Reemployment Fund has been eliminated.

If you have any questions concerning the above changes, please contact our office.

Although every attempt is made to maintain accuracy, we cannot guarantee accuracy of information presented
here. This is general information in nature and you should consult with an accounting professional for your
individual situation.