The FICA tax (Federal Insurance Contribution Act) is a social security tax. This tax is deducted at source i.e from the salary/wages of employees by the employer. FICA is a social security tax because funds collected by the government is used for social security benefits and Medicare health insurance for people. FICA tax is applicable …
The simple answer is No. Because pursuant to section 11051 of the Tax Cuts and Jobs Act (TCJA) law relating to the taxation of alimony or divorce settlement was amended. Therefore, any alimony or separate maintenance payments made under a divorce or separation agreement which is executed on 1st January 2019 or later is fully …
2021 Estimated tax calculator quarterly can help taxpayers estimate their quarterly tax payment easily. As you know , the extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to estimated tax payments.If you want to compute estimated tax for 2020 (although time is gone for that !) …
Failure to deposit tax penalty calculator with FAQ lets user to compute easily the penalty to be imposed under IRC 6656(a)
Do you know that Internal Revenue Code allows a handsome tax credit for your expenditure on the Research and Development (R&D)? This tax credit is a super saver on tax for small businesses. This post is all about the research and development tax credit with aR & D tax credit calculator. What is the research …
The good news is that the federal solar investment tax credit has been extended with the signing of the Federal government Omnibus spending bill. Some key extensions for the Investment Tax Credit (ITC) are : 2-year extension for the residential commercial solar investment tax credit has been extended at 26% through 2022. Now, the phasedown …
Easiest calculator for knowing how much child tax credit you can claim under the new American Rescue Plan Act
The American Rescue Plan (ARP) temporarily expands the Child Tax Credit (CTC) from $2,000 per child to as high as $3,600 for the 2021 tax year. The ARP also enhanced eligibility. It added one year to the threshold age of the child. So, under the new law, children up to 17 years are eligible for …
In accordance with its earlier announcement on March 17, the IRS issued detailed guidance on Monday about its postponement of the April 15 tax deadline for individuals. This automatic extension has good implication on various computation related to interest and penalty. What has been postponed to May 17th ? The last date to file the …
Easiest calculator for computing the third stimulus check amount , you are actually going to receive
Section 3101 of the Internal Revenue Code imposes a tax on wages earned by an employee. The responsibility to deduct this tax (commonly known as employment taxes ) lies on the household employer. So, if you are employing people for housekeeping or as a maid or a gardener or a nanny for your child (read …
Who is required to file a tax return? is a very common question among people earning less or having a casual income. Well, legally speaking, filing a tax return is obligatory not just for a person having total income exceeding a specified limit but also a person who may not have income but satisfying certain …
The standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction based on your filing status. You have the option of claiming the standard deduction or itemizing your deductions. However, you …
W9 purpose ? W9 Form aptly named as Request for Taxpayer Identification Number and Certification is for collecting basic information about every freelancer or contractor or self-employed person’s earning an income from another person or entity. So, if you hire a nanny for your child, you must collect information about child-caregiver on W9 form if …
2021 Tax filing season is starting 12th February, but the online allotment of IP PIN (Identity Protection Pin) through IRS website started from 15th January 2021.IRS sends CP01A notices from mid-December through early January all taxpayers eligible to receive an IP PIN. This shows how much importance IRS attaches to this process that helps taxpayers to …
The IRS is mandated to dispatch the second stimulus check of $600 to all eligible Americans by 15th January 2021. Therefore, your economic impact payment or EIP 2 check could arrive a few days after the Jan as a paper check or EIP debit card in the mailbox. So, you may want to start watching your mailbox …
