When you receive a payroll check, your employer withholds some money from your salary as federal and state taxes and pays you the remaining salary. Anyone who gets a paycheck from the employer must understand the information available on the paystub regarding withholding taxes and deductions. Calculating the tax percentage
Payroll taxes are not only withheld from the employees’ wages but also the employer. They have various payroll tax withholding and payment responsibilities. And they have the important responsibility of withholding the liable social security and Medicare tax from employee’s income under the FICA act and paying their payroll tax.
Buying a house is the most significant investment of many Americans. Therefore, whenever they sell a home for profit, they have to pay a massive property tax on capital gains. We know that there is tax redemption if the capital gain doesn’t cross $250,000 for a single filer and $500,000
No doubt, every taxpayer wishes to pay little tax or receive the most money in their tax refund. However, most of us never do anything to fulfill this wish while there is a way to get back more money in a tax return. Sometimes, we even end up paying more
Ever wondered why a big chunk of your hard-earned money is taken aback by your employer? That is because payroll taxes are playing a major role in your paycheck. The two most important taxes you see on your paycheck are FICA (Federal Insurance Contributions Act) and MEDFICA (Medicare Federal Insurance
Offering 401k plans are the most easiest and effective way to save money for your retirement. The major benefit of this plan is that it allows you to save a significant amount on your retirement. This money will be transferred into your account automatically. However, there is a limit to
It is a legitimate tax deduction if you make a vehicle purchase for your business. But the meaning of business travel does not mean a generous trip as few business owners would imagine. For example, you cannot claim your expense while you are having leisure time with your company logo
Being an owner of a small business has its own set of advantages, right? You are the boss, can set flexible working hours, can take decisions without any influence. It’s a one-man show. But there are few disadvantages of owning a business for yourself. Yah! That’s correct, determining the right taxes
Many taxpayers would ask this question about what is FICA, and why we are paying our money to it; rather, many individuals are still confused about paying their share of contributions and taxes to date. FICA stands for Federal Insurance Contributions Act, it includes both the employer and the employee