Depending on where your employees live or work, you may also need to withhold state income taxes and local income taxes. Employers also need to withhold taxes for the Federal Insurance Contributions Act (FICA), which covers Social Security and Medicare taxes....
If you are self-employed and you employ your child and pay them, you also have an opportunity to forgo the Social Security and Medicare taxes on that income. I will cover this strategy in a future article as well. You may be thinking a few things at this point. ...
It has been stated for some time now, that America is out of the recession. Unfortunately, there will always be companies that willdownsize/lay off(or simpleterminate their employees) to increase their profits for theirinvestors. Let’s talk about the jobs that are hiring or being added to ...
then 0.5% annually during the life of the loan, The Wall Street JournalreportedTuesday morning. In addition, the average amount of cash that seniors can access will drop from about 64% of the home’s valueto 58%based on current rates, the WSJ said. ...
“In time,AIis going to replace jobs for a lot of jerks,” he adds. “The people who will survive the AI disruption that is coming are well tuned in to treating others well. With good soft skills, they are wanted in the workplace. (Bosses will say,) ‘How do we find a way to...
Employers must also withhold and remit federal income, Social Security, and Medicare taxes. Scroll through thePA One Stop Shopto learn more about Pennsylvania state business taxes. Pennsylvania-specific regulations The Keystone State has 67 counties, each with specific regulations. However, one rule ap...
What Is Not Covered by Medicare Part B? 1. Long-term Care:Services that help you perform basic tasks, whether through a caregiver or astay in a nursing home, are generally not covered by Medicare. 2. Hearing Aids:Hearing aids and most audiology services are not covered by Original Medicare...
000 if you’re 55 or older. You can’t contribute after you’re on Medicare, but you can use the HSA money tax-free to pay Medicare Part B, Part D and Medicare Advantage premiums after age 65, in addition to other medical expenses. If your employer doesn’t offer a ...
Employee and employer contributions for FICA are equal, with the current rate being 6.2% of gross wages coming out of an employee’s paycheck for Social Security and 1.45% going to Medicare. Employers match both of these contributions for a total of 15.3%....
With so much to gain from such a straight-forward task, let me make a promise to you. If you are willing to commit to this process (and learn as you go) I’m willing to go along with you for the ride. If you have questions about reconciling your accounts, just shoot me an email...