Payroll taxes, such as federal and state income tax, Social Security tax and Medicare tax Wage garnishments issued by a statutory entity, such as the courts or the Internal Revenue Service Union dues Cash shortages stemming from theft or fraud by the employee Vacation pay advances Tip credits ...
Explains Medicare premium for Social Security Disability Income (SSDI) beneficiaries. Two component of Medicare; Qualifies Medicare Beneficiaries (QMB) program; Eligibility for the QMB program; Specified Low-Income Medicare Beneficiary (SLMB) as an expansion of the QMB program; Contact information....
Because the amounts paid to the employee are considered income, then federal income taxes, Social Security and Medicare, and unemployment taxes, must be paid. Are Moving Expenses an Itemized Deduction? If you are an active member of the Armed Forces applying for a tax deduction on moving expen...
fire, earthquake, or similar disaster. You might also be able to deduct losses from the theft of items you own that are in the rental property, such as a television or furniture that you provide for your tenants.
One drawback to working as an independent contractor comes from self-employment taxes: paying both the employee and employer portions of Social Security and Medicare. In effect, this comes to 15.3% of your covered earnings, though the IRS allows self-employed gig workers to deduct half of that...
taxes on employee wages are generally split between employer and employee, with the employer paying half; currently each pay 6.2% for Social Security and 1.45% for Medicare.2In this case neither of you has to pay. Note that different rules apply if your business is set up as a c...
Can you get a W-2 form of same year from several companies you worked for? The employer is responsible for which of the following payroll taxes? a. 6.2% FICA OASDI tax b. 1.45% FICA Medicare tax c. Federal and state unemployment taxes d. All of the ab...
Home office deduction:If you work from home, you may be eligible todeduct a portion of your home expenses, such as mortgage interest, property taxes, and utilities, as a home office deduction. Vehicle expenses:If you use your personal vehicle for business purposes, you may be able todeduct...
Don’t Forget Self-Employment Taxes You must payself-employment taxeson your business income, in addition to income tax, if you own a pass-through business. The self-employment tax is for Social Security and Medicare, and it's paid at 15.3% of your share of the business net income, or...
According to IRS.gov, if you earn more than $400 in a year, you are subject to self-employment taxes of 15.3%, which go into retirement and medicare and must file 1040 or 1040-SR forms. Also, you must determine if your streaming income is classified as a business or a hobby. If ...