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. To the right 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 to the right 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, 2014, please be advised of the following payroll tax changes:
- The wage base for social security has increased to $117,000 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. As of January 2013 individuals with wages paid in excess of $200,000 ($250,000 for maried couples filing jointly) will be subject to an additional 0.9% Medicare tax that will only be withheld from employees’ wages. Employers will not pay the addional tax.
- The FUTA (Federal Unemployment Tax) maximum base for 2014 remains at $7,000 with the rate also remaining at 0.6%.
- The Federal Government will be issuing new withholding tables for 2014. Refer to “Circular E, Employer’s Tax Guide,” Publication 15 issued by the IRS.
- New RI withholding tables are supplied for 2014. Please refer to that booklet to determine your RI withholding.
- The RI TDI (Temporary Disability Insurance) maximum salary base for 2014 will change to $62,700 with the rate at 1.2%.
- The 2014 RI State Unemployment maximum salary base for 2014 is $22,100 for those employers in the highest unemployment insurance tax rate (9.79%) group ($20,600 for all other employers), individualized rates are 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 is 0.51%.
If you have any questions concerning the above changes, please contact our office.
