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If you work in any capacity that pays you tips plus/or earnings as well, you must claim your tips on your end of the year income taxes. Some employers will make you report your tips at the end of the night and then they add that to your W-2. However, some establishments rely on the honesty of the employee to report their own tips when... more »
Every year people find themselves in a position where they need to file a tax return and do not have one or more W-2 forms. In some cases, this is deliberate by an irresponsible employer, and sometimes it is accidental. You still have to file and claim the money you made even without a W-2. Although this is a hardship, there is a way... more »
What Social Security taxes are used for ought to be a simple question to answer, but it isn't. First, what is called the "Social Security tax" is collected under a law called FICA, and FICA collects for more than just Social Security. Second, most of the time Social Security is running a surplus. What happens to that surplus is only... more »
A familiar term is "meeting payroll," which in essence means successfully paying employees during a specific payroll period. To do this, some companies and government agencies take out loans to meet payroll. Typically a regular and ongoing obligation, payroll is a significant factor in operating any entity which hires employees.... more »
A SIMPLE (savings incentive match plans for employees) IRA is an employer-provided retirement account, much like a traditional 401(k). Funds are added to the account as a pretax deduction, and both employers and employees contribute to the SIMPLE IRA. Sometimes these funds are matched, while other times there is a set percentage that... more »
Filling out a tax return is a daunting task for many people. Understanding the basics, like...
The 1099 due date is January 31 of very year, but many business owners are still caught by...
Since its inception in 1935, Social Security has been called both a blessing and a curse. While most Americans who survived the Great Depression... more »
How to understand payroll tax is important for both an employer and an employee. When the employer is figuring your net pay, he must calculate how... more »
Self-employed individuals are liable for self-employment tax. This includes those working for themselves in a full or part-time business, such as... more »
If you live in America, odds are, you are paying some form of federal tax. Federal taxes are collected via a number of arenas and are used to fund... 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 »
The Internal Revenue Service (IRS) has stated that all tips received for any work is considered income and is subject to federal income tax. Tips... more »
Maybe you've love to write; but you've never been able to fit it in, considering the pressures of family and career. Now that you have retired,... more »
If you work in an occupation where tips are part of your total compensation, you have to do a certain amount of record keeping to accurately... more »
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