Glossary: Tier I/Tier II Railroad Retirement Benefits
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.
Glossary: Payroll Taxes
Payroll tax refers to taxes an employer pays when the employer has employees.
What Taxes is a Tax-Exempt Organization Responsible For?
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.
Choosing a Business Entity: S-Corporation
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.
Self-Employment Tax Calculation: The Basics
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 […]