Did you know that you get a deduction on taxes if you donate to qualified charitable organizations?. If you pay money or other charitable donations, the government will deduct money from your taxes. However, you must have receipts for contributions if you want to reduce your tax. But what if
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
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
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
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.
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
House rents are way too high to be afforded by a person with average wages. A government policy that can help such people get suitable housing can be a powerful booster for the economy. Thankfully, since 1974, the Government is committed to providing relief to eligible households through a housing
You are not alone in filing the tax returns and hope to get the quickest refunds. As hundreds of people file in a specified period of time, you should be ready to practice some patience. The IRS cannot process your tax return without a thorough audit. It takes time to
It is incredibly essential to change or update your credit card information if you are making some modifications in your life. This includes altering your marital status, moving out, or even something as simple as changing your contact number. Sometimes, you might also be required to change your credit card
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
