FREE The Lynchburg Times Furniture runs Vol. II, Issue 1 • January 6, 2011 Flames Cash a hit with in the family local businesses Exclusive: xxxxxx xxxx xxxxxx xx xxxxxx xxxx xxxxxx xx 9 xxxxxx xxxx vised that after arriving at the residence and walking onto the porch to deliver an order, he was confronted by an unknown armed black xxxxxx xx male suspect wearing a “hooded” type jack- et and stocking cap. The victim described the hood of the jacket as having “fur” around it. According to the victim, the suspect was xxxxxx xxxx armed with a shotgun and demanded both money and the pizzas. The victim was not injured during the incident. An undisclosed xxxxxx xx amount of money was taken during the rob- bery. 13 The robbery is under investigation and detectives are examining similarities to the Armed robbery other reported robberies that have occurred xxxxxx xxxx over the past couple of weeks. On Monday, December 13, 2010 at ap- Anyone with any information regarding this xxxxxx xx proximately 6:45 p.m. members of the crime or the identity of the suspects is asked Lynchburg Police Department responded to to call Detective R.G. Miller at (434)455-6160 Va. reality TV couple the 1600 block of Bedford Ave. for an armed or Crime Stoppers at 1-888-798-5900, visit robbery. Upon arriving on the scene, police the Central Virginia Crime Stoppers website in court Fri. against officers located the crime scene which was at www.cvcrimestoppers.org to enter a web determined to be 1601 and 16011/2 Bedford tip, or text “CVCS plus your message” to Ave. The victim, a pizza delivery driver, ad- 274637. RadarOnline.com exec FREE in Kroger, Food Lion, McDonalds & hundreds of other places! BLACK Page • The Lynchburg Times • January 6 - 1, 011 Read every issue online at www.lynchburgtimes.com The Lynchburg Times Guess what? Everyone just got a raise! www.lynchburgtimes.com 2010 Tax Relief Act extends tax breaks, lowers FICA withholding By Lorie Showalter and make sure that your FICA percentage-point payroll/self- The Lynchburg Times withholding is no more than 4.2 employment “tax holiday” for percent of your gross pay. If you employees and the self-em- Did you know that you and ev- do not see the raise reflected in ployed. As a result, employees ery American who earns a wage your paycheck, go see payroll or will pay only 4.2 percent So- or self-employment income just human resources and let them cial Security tax on wages and received a two percent raise ef- know they need to contact the self-employment individuals fective January 1st this year! IRS, or go to the IRS website, will pay only 10.4 percent So- That’s right, the two percent obtain the proper information cial Security self-employment income raise applies to every- and correct any oversight. taxes on their income up to the Publisher & Editor: one who earns a wage, whether Congress not only extended threshold. Wage earners and Dan McDermott they pay income taxes or not the current, lower individual in- the self-employed will keep two [email protected] and you don’t need to file any- come tax rates through 2010 in percent more of their earnings, thing to get it. the recently enacted Tax Relief, but for calendar year 2011 only, So while major news outlets Unemployment Insurance Re- unless extended. reported that the bill President authorization and Job Creation The maximum savings or ex- Obama signed is basically an Act of 2010 (2010 Tax Relief tra income for 2011 will then extension to the Bush-era tax Act), it also extended a number be $2,136 or two percent of cuts and federal unemployment of beneficial tax breaks for fam- $106,800. Keep in mind the “ex- benefits, a look at the fine print ilies and individuals. Through tra income” in this computation of the Act reveals there was a 2012, the law extended signifi- is based on the “up to amount of small gold nugget for each cant tax incentives for educa- $106,800” as mentioned above. Advertising Sales Manager: American wage earner. tion, children and energy-sav- Angie Buterakos [email protected] Of course, it’s up to employers ing home improvements. Individual tax rates 540-683-9197 to keep up to date on these fine points and most businesses, if Reduction of FICA withhold- The 2010 Tax Relief Act ex- Sales Team: they haven’t heard about the ing tax tends all of the current lower Kendra Heath: 434-209-3046 raise, will realize it when their individual tax rates across the [email protected] payroll software is updated for This is where you’re going to board for all taxpayers at 10, 15, Sceauncia Parr: 434-207-8581 the coming year. see your two percent raise, it 25, 28, 33 and 35 percent for two [email protected]: However, this shouldn’t be tak- will be calculated through your years through 2012. In addition, en for granted, especially if the FICA withholding and show up under the new law, the size of Dianne Tranks: 434-258-3326 company or business you work in your pocket! Under current the 15 percent tax bracket for [email protected] for calculates payroll manually law, employees pay a 6.2 percent married couples filing jointly and the individual who calcu- Social Security tax on all wages and surviving spouses remains Staff Writers: lates your paycheck isn’t aware earned up to $106,800 and self- double that of the 15 percent Yvonne Behrens of this new change as it’s a re- employed individuals pay 12.4 tax bracket for individual fil- [email protected] cent and somewhat last minute percent Social Security self-em- ers, thus continuing to provide income raise implementation. ployment taxes on all their self- “marriage penalty” relief. Lauren Satterfield [email protected] So, what you need to do is employment income up to the Congress also extended the pay attention to the amount of same threshold. deduction for state and local Emily Williams your first check for year 2011 For 2011, the Act gives a two- sales taxes in lieu of the state [email protected] BLACK Read every issue online at www.lynchburgtimes.com January 6 - 1, 011 • The Lynchburg Times • Page and local income tax deduction However under the 2010 Tax care credit for two years through credit, which provides a credit through 2011. Relief Act, personal exemptions 2012. A taxpayer who incurs ex- for expenses for qualified ener- are not reduced for an addition- penses to care for a child under gy efficiency improvements and More marriage penalty relief al two years through 2012. age 13 or for an incapacitated property, such as furnaces, wa- dependent or spouse in order ter heaters, insulation materi- In addition to expanding the Expanded child tax credit to enable the taxpayer to work als, exterior windows, skylights, 15 percent income tax rate or look for work, is eligible to doors and other items. bracket, the 2010 Tax Relief Act The 2010 Tax Relief Act ex- claim the dependent care cred- also maintains the increased tends the $1,000 child tax credit it. The maximum credit that Additional info basic standard deduction for for two more years, through can be claimed through 2012 is joint filers. Through 2012, the December 31st, 2012. The child $3,000 for one qualifying indi- In addition to the above men- standard deduction for married tax credit can be claimed for vidual and $6,000 for more than tioned perks there are tax ben- taxpayers filing jointly, as well each qualifying child under age one qualifying individual. efits for education also included as surviving spouses, is twice 17 (at the close of the year) that Additionally, the maximum as well as an extension for the the basic standard deduction the taxpayer can claim as a de- credit rate is 35 percent. Thus, earned income tax credit (EITC) amount for single individuals. pendent. for 2010 the maximum depen- for two more years through For example, the standard de- However, the amount of the dent care credit is $1,050 (35 2012. The new law also simpli- duction for single individuals credit is reduced as a taxpayer’s percent of up to $3,000 of eligi- fies computation of the EITC. for 2011 is $5,800, for married income increases. The credit is ble expenses) for one qualifying For more detailed information taxpayers filing jointly; the stan- reduced (but not below zero) by individual and $2,100 for more see the IRS web address www. dard deduction for 2011 will be $50 for each $1,000 of modified than one qualifying individual irs.gov/newsroom/index.html $11,600. adjusted gross income (AGI) (35 percent of up to $6,000 of above $110,000 for joint filers qualified eligible expenses). No personal exemption phase- and above $75,000 for others. out The new law also extends other Incentives for energy-efficient FOR SALE enhancements to the credit, in- improvements 1999 Ford Ranger Ltd Higher income individuals cluding the ability to offset both 4wd, 5 speed manual, new and families will also benefit the regular tax and alternative The Act also rewards indi- inspection, new tires, new from the ability to claim an un- minimum tax. viduals and families who make brakes, new alt, new belts, new 4wd shift motor, new radio/cd reduced personal exemption. energy-saving improvements player, cruise, tilt, tow pkg, Before 2010, taxpayers with Dependent care credit to their homes.