Food and Beverage Industry Developments – June 2011 – 9% Sales Tax on Maryland Alcohol Sales Effective July 1, 2011 the sales tax is 9% for sales of alcohol fit for beverage consumption (does not apply to cooking wine, baking extracts, etc.) The 9% tax rate must be listed separately on the guest check For…

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IRS Increases Mileage Rate to 55.5 Cents per Mile (effective July 1, 2011) In recognition of recent gasoline price increases, the Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011. The rate has increased 4.5 cents to 55.5 cents per mile for all business miles driven from July…

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2012 Tax Developments and Updates Social Security Tax Updates The wage base for computing the Social Security tax in 2012 increases to $110,100 from $106,800 The FICA tax rate for employees, which was reduced in 2011 to 4.2% from the normal 6.2%, reverts back to 6.2% in 2012 Cash paid by an employer for domestic…

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