Railroad Retirement Benefits are a form of retirement income for people employed by railroads in the United States. Let’s look at how these benefits are taxed.
On the Iowa 1040, taxpayers are required to add federal self-employment tax for the current year into income for Iowa purposes. Why does Iowa require this?
Payroll tax refers to taxes an employer pays when the employer has employees.
Tax-exempt organizations are exempted from paying income tax and federal unemployment tax… but they might have other tax liabilities that they’re responsible for.
S-corporations share many of the same characteristics of partnerships. The biggest difference is, owners who work in the business day-to-day are paid a salary.
Here’s a basic overview of the self-employment tax calculation for self-employed people. These are the steps for the calculation: Determine your net self-employment income. For most self-employed people, this will be the net profit from their Schedule C. Multiply by 92.35% (.9235). Multiply that result by 15.3%. This gives you the amount of self-employment tax […]
An explanation of the definition of the term “FICA”
The IRS has released a streamlined procedure for recovering FICA taxes withheld on the pay of same-sex married couples in cases where benefits (typically health insurance) were counted as taxable income to an employee. Background Under tax law, employer-provided health insurance is considered a tax-free benefit as long as the insurance covers the employee, the […]