2021 FICA Tax Calculator

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 …

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Is Alimony Taxable in 2021?

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 …

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2021 Estimated Tax Calculator Quarterly

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 !) …

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Federal Solar Tax Credit Calculator

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 …

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Standard deduction: When to claim more & when you can’t claim a penny?

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 …

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W9 Form: 10 Most Important Things You Must Know!

w9 form

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 …

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IP Pin from IRS: What, When, How & Why?

ip pin from irs

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 …

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How to Know if Stimulus Check is Arriving in Your Mailbox?

online tool stimulus check

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 …

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 Best Tax Tips & Calculators

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