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FICA Taxes Explained

WEBTaxpayers who earn an annual income above the threshold limit of $200,000 are subject to additional Medicare tax. While the wage or salary earnings below the …

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Medicare Taxes Explained

WEBEmployers are responsible for withholding taxes from the paychecks of their employees as part of the Federal Insurance Contributions Act (), as well as matching the …

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10 IRS Tax Tips Worth Noting

WEB1. Put "Tax Day" On Your Calendar And Set A Reminder Far In Advance. Understanding the tax filing deadline is one of the best tips for individuals, couples, and …

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How Can I Reduce My Tax Bill

WEBPre-tax contributions to a 401 (k) retirement savings account can help you reduce your tax bill by withdrawing funds from your paycheck tax-free, but you have to pay the taxes on …

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Lifetime Learning Credit Ideal Tax LLC Ideal Tax Solutions

WEBIt’s no surprise to American students that the cost of attending universities or colleges is high. While it can seem overwhelming to face these increasing prices, the …

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What Is A Post Tax Deduction

WEBA post-tax deduction is an example of a payroll deduction that is subtracted from an employee’s paycheck after all necessary taxes have been withheld, including FICA …

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What Is A Pre Tax Deduction

WEBA pre-tax deduction or before-tax deduction is a type of payroll deduction that is withheld from a taxpayer’s gross pay before taxes are withheld. As compared to post-tax …

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Payroll Deductions Explained Pre-Tax & Post-Tax

WEBThe mandatory pre-tax payroll deductions include FICA taxes, federal income tax, and state and local taxes. A wage garnishment is a mandatory post-tax deduction. The voluntary …

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Is Gross Pay Before Or After Taxes

WEBAs members of the United States workforce, employers and employees must understand their taxpaying responsibilities in relation to their work earnings, beginning with learning …

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Protect Your Finances During and After the Pandemic

WEBCovid-19 has put much of the world into a tailspin. Quarantine orders are happening, businesses are shuttering, and there is still so much unknown looming on …

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IRS Form 8919 Explained

WEBIRS Form 8819, Uncollected Social Security and Medicare Tax on Wages, is an official tax document used by employees who were treated like independent contractors by their …

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IRS Financial Hardship Explained

WEBIRS financial hardship defines the situation in which taxpayers cannot afford to pay for their basic living expenses. The IRS can evaluate the taxpayer’s eligibility for financial …

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IRS 1099 Form Explained

WEBA 1099 form, also referred to as an information return, is a tax form used to report all non-employment income to the IRS. The payer is required to fill out a 1099 form and send it …

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Innocent Spouse Tax Relief

WEBAn individual may be considered an innocent spouse if their former spouse erroneously reports items on the joint return. Erroneous items include unreported income, incorrect …

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IRS Form 4361 Explained

WEBAside from receiving extensions, ministers will be required to file IRS Form 4361 by April 15, the same day their tax return is due to be filed. Therefore, IRS Form 4361 must be filed …

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Swimming Pool Taxes Explained

WEBTax season is coming up, so you may be wondering if you can deduct a swimming pool from your tax return. Qualifying taxpayers can deduct 100% of the installation costs the …

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IRS form 720 Explained

WEBKey Takeaways: IRS Form 720, Quarterly Federal Excise Tax Return, is used to calculate, file, and pay excise taxes to the IRS. Excise taxes are imposed on specific goods and …

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Ideal Tax Reviews

WEB3 My husband’s primary language is English and my first language is Spanish. 4 Carlos explained to us simultaneously the requirements of the company. and this increased my …

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Federal Unemployment Tax Act (FUTA) Explained

WEBWhile the Federal Unemployment Tax Act (FUTA) is a payroll tax that serves to fund federal unemployment programs, the Federal Insurance Contribution Act (FICA) is a payroll tax …

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