Apollo Wealth Management, Ltd.

An estimated 1.5 million private scholarships are awarded each year to help students offset the cost of a college education.

This helpful article offers suggestions for finding and obtaining scholarships along with tips for securing and maximizing financial aid.

The year-end battle between President Obama and Congress yielded a two month extension of the rate reduction for the employee portion of Social Security taxes.  For January and February the rate remains at 4.2% instead of returning as scheduled to the traditional 6.2% rate.

Under the terms negotiated by Congress, however, some employees won't fully benefit from the extension.  The legislation contains a "recapture" provision that imposes an additional income tax of 2% against wages during this two-month period exceeding $18,350 but not greater than the $110,100 wage base.

This additional recapture tax is an add-on to the income tax the employee would otherwise pay for 2012.  It may not be reduced by credits or deductions and would be payable in 2013 when the employee files his or her income tax return for the 2012 tax year.