While many taxpayers have an overpayment after filing their taxes, many also find they unexpectedly owe taxes. This can be due to a life or job change for which they did not make the necessary tax adjustment during the year. Those who should be especially careful are: • Gig economy[…]
Read More »The W-4 form can seem confusing to an employee at first glance. Here’s a breakdown of the information an employee needs to provide on this tax form: Step 1: Personal Information (Lines 1-5) This section is a straightforward introduction, asking for an employee’s basic details: Step 2: Filing Status (Line[…]
Read More »Payments for the services of a child under age 18 aren’t subject to Social Security and Medicare taxes, if the business is a sole proprietorship or a partnership in which each parent is a parent of the child. Payments to a child under age 21 aren’t subject to FUTA. Payments[…]
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