INNOVATIVE ACCOUNTING SOLUTIONS
PERSONALIZED | PROFESSIONAL
Susan M Martin, CPA, PC is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
On this website, you will find information about Susan M Martin, CPA, PC, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Bethpage, Susan M Martin, CPA, PC has years of valuable experience assisting professionals with their accounting needs.
"Inspirational Thought of the Month"
“Poor is the man whose pleasures depend ont the permission of another.”
New York State Mandatory Retirement Plan
On Oct. 22, 2021 NYS Governor Kathy Hochul signed a law making a workplace retiremnt plan mandatory for businesses with 10 or more in-state employees that have been in business for at least 2 years AND don't presently offer a plan.
NYS provides a state-facilitated IRA savings program, The New York State Secure Choice Savings Program, to private sector businesses. Companies do not have to use the NYS plan as long as they implement a plan. NYS has not formally established a deadline as of yet.
2022 Tax Brackets
The seven brackets remain the same: 10%, 12%, 22%,24%,32%,35%,37%. However, the income thresholds for tax brackets are adjusted to reflect inflation or the cost of living. For example, instead of 10% being applied to the first $9950 of income, it will now be applied to the first $10,275.00 for a taxpayer filing individually.
Also, the standard decuction will increase in 2022 by $400 to $12,950 for single filers or married but filing separately. It will increas to $19,400 for head of households and $800 to $25,900 for married taxpayers filing jointly.
There is also an additional standard deduction of $1,400 that will apply to those wo are either 65 and older or blind. The amount doubles if both apply to a taxpayer in 2022.