To transfer money out of China, you are required to provide proof that taxes have been paid on the money and this, in turn, is verified by a China bank. You’ll need to have an account of your own. In both cases, you need to bring all your documents with you to wire money, ...
Box 6:The total amount of Medicare tax withheld from your pay for the year. Much like Social Security taxes, Medicare taxes are also figured on a flat rate, which is 1.45% for employees. Box 7:Shows any tips that you reported. Box 8:Shows any allocated tips that your employer has figu...
To receive the maximum monthly Social Security benefit, an individual must wait until full retirement age to claim benefits and they must have been a high earner for 35 years. How Social Security Benefits Are Figured Your Social Security benefit amount is calculated using factors that include t...
Step 4: Understand How Your Taxes are Figured Out You probably already know that taxes are figured based on your taxable income bracket. But do you know how to determine your bracket for yourself? Each bracket of income is taxed at a different rate, so determining which one you fall into ...
Nonetheless, you’ll still need to apply for any relevant license and permits that are relevant to your business and location. Check with the US Small Business Administration to determine what you’ll need. Moving forward, you’ll need to pay estimated taxes each quarter as well, according to...
Taxes for bloggers should be handled as if you're running a small business. Here's my detailed guide on how to do taxes on blog income (and blog tax tips).
Like federal income tax, state and local income taxes are paid for by the employee where applicable. Not all states and municipalities charge income tax. Social Security and Medicare Taxes Also known asFederal Insurance Contributions Act(FICA) taxes, these taxes are split 50/50 between the employ...
The mobile game industry is growing at full speed while threats are circling around it like hawks. What can you do about it? If you haven’t figured it out already, let us spell it out: the industry is taking this problem more seriously. Developers are doing their homework and choosing ...
Pre-tax deductions encompass a wide range of expenses that employees can deduct from their gross income before taxes are calculated. Let’s explore some common examples of pre-tax deductions: Retirement Contributions:Many employers offer retirement plans, such as a 401(k) or 403(b), which allow...
Fees. Prepayment penalties — fees for paying off a loan early — are rare, but lenders may charge other fees, including origination and late payment fees. APR surprises. The total cost of your loan, including interest and any origination fees, should be clearly disclosed and figured into the...