Pennsylvania Department of Labor & Industry’s Post

Good to see #BowmoreFinancialPlanning calling for a review of the tax paid on incomes between £100,000 and £125,140. Due to the withdrawal of the personal allowance, the marginal income tax rate on this income is 60%. Add to this the 2% National Insurance and the rate is 62%. If the remaining 38% is used to buy something subject to VAT, the 'value' received by the taxpayer is a meagre 31p for every pound earned. There are ways to mitigate the tax with pension contributions but this is not suitable for all. There are also pitfalls for those moving into this bracket of income which is usually a delayed tax bill out of the blue. If your, or those of your employees, are in this earnings bracket or you may be moving into it, please contact Haggards Crowther for advice on your options. #haggardscrowther #tax #timeforchange

#Budget2024 Update The additional income tax on short-term and long-term capital gains on equity shares being offset by providing a higher standard deduction and changes to the income tax slab rates for employees. #UnionBudget2024 #Budget2024 #IndianBudget #BudgetDay

Budget 2024: A Mixed Bag for Investors and Taxpayers The Union Budget has brought both cheer and challenges. While the increased standard deduction to ₹75,000 under the new tax regime offers some relief, the hike in LTCG tax to 12.5% is a setback for investors. The changes in STCG tax on certain financial assets to a flat 20% will also impact investment strategies. It's a time to re-evaluate investment portfolios and tax planning strategies. What are your thoughts on the new tax regime? Will you opt for the new or old regime? #Budget2024 #IncomeTax #CapitalGainsTax #Finance #Investment #TaxPlanning

75 and Above? No Returns Required 📊 Section 194P of the Income-tax Act, 1961 Union Budget 2021 introduced Section 194P to provide conditional relief to senior citizens above the age of 75 from filing income tax returns. Eligibility: Senior citizens aged 75 or above 🏡Must be a resident in the previous year 💰Income must come from pension and interest from the same bank only 🏦Interest income must be accrued/earned from the same bank where the pension is received 📝A declaration with specific details must be submitted to the bank Benefits: Specified banks, notified by the Central Government, will handle TDS deductions after considering deductions under Chapter VI-A and rebate under Section 87A 🏛️💼 Once the specified bank deducts the tax, there will be no requirement for seniors to file income tax returns 📅✅ #ITR #ITRfiling #tax #update #TaxRelief #SeniorCitizens #IncomeTax #Budget2021 #TaxExemption #NoTaxReturn #TDS #Finance #TaxCompliance #PensionIncome #InterestIncome #StayCompliant

No Extension on Income Tax Threshold Freeze Chancellor Rachel Reeves announced today that income tax and National Insurance (NI) thresholds will not remain frozen beyond 2028. Here’s what that means: 🗓 Current Freeze Continues Until 2028: Since 2022, thresholds for income tax and NI have been frozen, meaning earnings that reach certain levels are taxed without adjusting for inflation or wage growth. 📈 Thresholds to be Inflation-Linked Post-2028: From 2028-29, personal tax thresholds will adjust with inflation, providing potential relief as earnings grow in line with cost-of-living increases. #Budget2024 #MinimumWageIncrease #CarersSupport #BeeSureUpdates

Financial experts recommend increasing NPS tax deduction ceilings and revising withdrawal options in Budget 2025 to make it more attractive for small savers and middle-income earners. Visit https://lnkd.in/djWCzT_2 to know more about this #Budget2025 #NirmalaSitharaman #NationalPensionSystem #TaxBenefits #RetirementSavings

Are you self-employed? You pay self-employment tax on your net earnings and not your entire business income and you need to know the components. First you pay a 12.4% Social Security tax on your earnings up to an annual income ceiling adjusted for inflation each year. Second there is a 2.9% Medicare tax on all net earnings from self-employment.

Are you self-employed? You pay self-employment tax on your net earnings and not your entire business income and you need to know the components. First you pay a 12.4% Social Security tax on your earnings up to an annual income ceiling adjusted for inflation each year. Second there is a 2.9% Medicare tax on all net earnings from self-employment.