An agreement made with the IRS to pay the tax owed to them is a payment plan. These debts are to be repaid in the provided timeframe that got extended. It is also known as the Installment Agreement (IA). One can ask the IRS for a payment plan if they believe
The 401k plan is offered to the employees by their employers. It is a tax-deferred and a retirement account. The employee can add the amount to their 401k plan through 401k payroll withholding. In this plan, the employers can contribute to their workers’ plans as well. But one of the
A short statement that defines the existence of an organization is a mission statement. It includes the company’s goal, the operations, products, and services provided by the organization, who their customers are, and the targeted geographical location. It also has a small manifesto that holds the company’s ideology, values, and
Walmart MoneyCard is a debit card that needs no bank details or credit check and so escapes overdraft charges. It can be used as Visa or MasterCard forms; this card can also be used at the store where the seller accepts the MasterCard or visa. Some levels of the MoneyCard
What is the term for a person being sued in a civil case? This is one of the most common questions asked by many. When one individual holds another for any form of damage to them and seeks compensation through a court-based process, it is known as a Civil Lawsuit.
The social security payroll tax is mandatory for every employer and employee in the United States. The employer is responsible to hold back the amount owed in Social security tax on the behalf of the employee. The employer then contributes to the federal agencies. Social Security is a FICA tax
If an individual is planning to purchase a vehicle for business use, they can write off a portion of the car’s cost price in taxes. This is applicable if the individual is planning to use the vehicle solely for business use. Writing off a leisure trip as business travel in
Tax liability is the amount of money that is owed in taxes to agencies like the Internal Revenue Service (IRS). Federal, state, and local authorities also impose a tax on businesses and individuals. These taxes can be deducted through exemptions, tax credits, and deductions. Some forms of taxes include sales
The payroll tax responsibility of an employer can be defined as the proportion of the employee’s salary that is held back by the employer to pay the taxes to the government for the employee. Salaries, wages, and tips make up for the taxes. These payroll taxes are taken from the
Generally Accepted Accounting Principles (GAAP) were put in place after the 1929 Stock Market Crash which was the starting point of The Great Depression. It is believed that the Market Crash was partially caused as the public trading companies were not blunt about their financial detailing. The government, then, began
