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The adoption tax credit passed by Congress and signed into law by President Clinton in 1996 is one of the more complicated tax laws related to middle-income families. Generally speaking, it provides a tax credit to families who made out-of-pocket expenses related to the adoption of a child other than that of a spouse. Unlike a tax... more »
A W-2 Form is a wage and tax statement that is prepared by employers for their employees. A W-2 Form is used to report the employee's wages for the year, along with the taxes withheld. The forms are then used by the employees when they file their income taxes. The W-2 Form is divided into a series of numbered or lettered boxes. The... more »
The Social Security tax is actually two taxes. One is used to provide retirement, survivor's and disability pensions. The other, the Medicare tax, is used to supplement the premiums paid by those who are eligible for Medicare insurance. Most workers and employers are required to pay Social Security tax. Whether you are among them or... more »
Employers deduct federal, state, Social Security and Medicare taxes from your gross income before issuing you a check for the net amount. The employer sends the money subtracted from your gross pay to the appropriate government agencies. At the end of the year, you will receive a W-2 detailing the totals that you paid for taxes and... more »
U.S. tax law requires that you report all self-employment income on a Schedule C that is included in your annual 1040 tax filing. Business income from self-employment is subject to the 15.3 percent self-employment tax, so knowing what expenses to report and how to report them is very important. Knowing how to tell the difference being... more »
Filling out a tax return is a daunting task for many people. Understanding the basics, like...
The Medicare tax is the amount withheld by your employer from your paycheck that helps cover the cost of running the Medicare program. It is part... more »
Medicare tax withheld is part of the payroll tax contribution that goes toward funding the federal organization that makes it possible for workers... more »
One of the most time-consuming tasks for a small-business owner is the calculation of federal payroll taxes. Even after withholding the correct... more »
If you are an employer, you must complete a W2 form for each employee. Your employees must receive this form by January 31. more »
By January 31 of each year, your employer is required to send you an IRS W2 form so you can file your tax return. Boxes A through E are... more »
A W-2 form is a receipt that is sent to employees by the employer to show all of the earnings and withholdings that have taken place during the... more »
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