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Reporting Tip Income: Everything you should know

Reporting Tip Income: Everything you should know

All workers and employers in the service industries where tips occur should abide by the relevant tax rules. One needs to pay income tax, Medicare tax, and Social security taxes on...

Posted by Jim McClaflin, EA, NTPI Fellow on 04/09/2021

Grimes IA Tax Pro for Reporting Tip Income Tax Preparer for Tip Income Income Tax Medicare Tax Social Security Tax Tips Gross Income Employer FICA Form 941 W2 Tips Allocated Form 8027 Food or Beverage
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Three Ways to Get Your Retirement Savings Back Before It's Too Late

Three Ways to Get Your Retirement Savings Back Before It's Too Late

Saving for retirement can be a challenge, and if you're falling behind, you're not alone. In 2020, the average 401(k) account balance was around $25,000, according to a Vanguard...

Posted by Karen Munoz, EA on 04/06/2021

Kyle TX Tax Pro for Retirement Savings Tax Preparer for 401(k) Retirement Savings Employer Matching Contributions Annual Rate Automatic Contributions Bank Account Invest Aggressively Index Funds Portfolio Stocks
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How Much Should You Contribute to Your 401(k)

How Much Should You Contribute to Your 401(k)

According to experts, the best amount to contribute in your 401(k) is between 10 and 20% of your gross salary. It does not matter the destination account; it is essential to contribute...

Posted by Elliot Kravitz, ATP on 03/31/2021

Cincinnati OH Tax Pro for 401(k) Tax Preparer for Emergency Fund 401(k) Retirement Employer's Match Gross Salary Roth IRA IRA Taxable Income Rollover
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Best Ways to Reduce Taxes on Investment

Best Ways to Reduce Taxes on Investment

The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....

Posted by CORE PERFORMANCE on 03/31/2021

Irvine CA Tax Pro for Investments Tax Preparer for Reducing Taxes on Investments Cash Flow Capital gains Day Trading Tax Sheltered Account Portfolio 401(k) 403(b) Real Estate Investments Property Value HSA Employer Match 457 IRA Account
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What is Nanny Tax: How to Pay it?

What is Nanny Tax: How to Pay it?

According to the law, every employer needs to pay the federal government's employment tax for all employees they hire. The federal employment tax comprises Medicare tax, social...

Posted by McCool's Tax Service on 03/09/2021

Camp Hill PA Tax Pro for Nanny Tax Tax Preparer for Household Employer Federal Employment Tax Federal Unemployment Tax Social security Medicare IRS Cooks Maids Drivers Babysitters Housekeepers Butlers Yard Workers House Cleaners EIN Form
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Am I a Household Employer?

Am I a Household Employer?

Do you know if you are considered a household employer? If you've just hired a caregiver, babysitter, housekeeper, or someone else to help you around the house, then there is a...

Posted by Taxes Made EZ Inc on 03/09/2021

Blackwood NJ Tax Pro for Household Employer Tax Preparer for Household Employer IRS Social security Medicare Form W-4 Schedule H Housekeeper Babysitter Caregiver COVID-19
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Responsibility Of Employers For FICA Payroll Taxes

Responsibility Of Employers For FICA Payroll Taxes

Most Americans are familiar with federal and state income taxes, but payroll taxes are not well understood.Payroll taxes are types of taxes applied to earned income: wages, salaries,...

Posted by James Financial Services Inc on 03/09/2021

Virginia Beach VA Tax Pro for Medicare Tax Tax Preparer for FICA Payroll Taxes FICA Payroll Taxes Medicare Salary Bases & Limits W-4 Social Security
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FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...

Posted by Elliot Kravitz, ATP on 03/05/2021

Cincinnati OH Tax Pro for Tips Tax Preparer for Employee Tips FICA Medicare Employer Credit Cash
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Understanding State Unemployment Insurance (SUI)

Understanding State Unemployment Insurance (SUI)

State Unemployment insurance is a tax program funded by employers to provide short-term benefits to workers out of a job. This is a tax required at the federal and state level. Unemployed...

Posted by Daniel P Vigilante CPA and Profit Consultants on 03/01/2021

Morris Plains NJ Tax Pro for State Unemployment Insurance Tax Preparer for SUI SUI Payroll Tax Unemployment Benefits Federal & State Requirements FUTA New Employer Rate Schedule C
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