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...
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...
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...
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....
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...
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...
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,...
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
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...