Tax/Accounting
Quick Read: Social Security and Medicare Taxes Explained
Both the Social Security tax and the Medicare tax consist of two parts — an employee’s portion and an employer’s portion. Employers are required to withhold the employee’s portion of both taxes from the employee’s taxable wages and to pay a matching amount as the employer’s portion. Unless an employer pays employee’s tips, the employer’s…
Read This Article
How to Maintain a Sane Approach to Taxes
Taxes are the kind of thing that tends to drive a business owner up a wall. With complex laws, strict enforcement agents, and constant changes, the tax code can easily trip up someone who spends most of their time focusing on creating a viable business. It’s important for you to maintain a sane approach to…
Read This Article
Insurance Checklist: Deductible vs. Nondeductible
Use this list to determine which types of insurance expenses are deductible for your small business. You can generally deduct premiums you pay for the following kinds of insurance related to your business. Credit insurance on losses from unpaid debts. Fire, theft, flood, or similar insurance. Group hospitalization and medical insurance for employees, including long-term…
Read This Article
What Do I Need to Know About Sales Tax?
Sales tax is a tax on retail sales transactions. Sales taxes are set up by each individual state and local jurisdiction, and can be administered in a variety of ways. Some sales taxes are on the retailer directly, while others are on the consumer, but collected by the retailer. Exemptions to the tax are also…
Read This Article
Deducting Car and Truck Expenses
If you use your car or truck in your business, you can deduct the costs of operating and maintaining your vehicle. You can deduct expenses for local transportation and traveling away from home overnight on business. Local Transportation Expenses Local transportation expenses include the ordinary and necessary costs of all of the following: Getting from…
Read This Article
Reporting FICA Wages
There are specific payment and reporting rules for federal income tax withholding, and the employee and employer’s portions of Social Security and Medicare or FICA taxes. As a general rule, the IRS requires employers to report their taxable wage payments and corresponding federal income tax withholding and FICA tax liabilities on a quarterly basis by…
Read This Article
Pay Your Employees While On The Go
For small business owners who don’t expect to always be in the office, there need to be processes set in place that maximize productivity when working from a remote location. That’s where mobile technology comes into a play, and a Smartphone application called Online Payroll by Intuit is an option for entrepreneurs who appreciate the…
Read This Article
Federal Taxes
In addition to Social Security and Medicare tax, employers must also withhold federal personal income tax from each separate taxable wage payment made to employees. Employee personal income tax liabilities vary widely, so the exact amount of federal income tax that an employer must withhold from an employee’s pay also varies. Basically, how much federal…
Read This Article
Employment Taxes
For employment tax purposes, what forms of compensation provided to employees are considered taxable? Basically, taxable compensation for employment taxes is based on an employee’s taxable wages. While not everyone is familiar with the concept of wages for employment tax purposes, federal and state tax laws define wages in very broad terms. Under these laws,…
Read This Article