you're required to withhold Social Security, Medicare, and any state income taxes for that employee. When you hire a freelancer, they are responsible for federal and state tax payments.
you generally have to pay both the employer’s and employee’s share of those taxes yourself. This tax is known as the “self-employment tax.”
Are you a self-employed contractor or employee? The question of whether a person is in a business relationship (self-employed independent contractor) or in an employee-employer relationship is not one that is always easy to answer. The answer to this question will involve responsibilities in in...
While this may sound like a high expense, money spent on tuition or education reimbursement is tax-deductible — up to $5,250 per employee per year. Employers can deduct this per-employee amount from their own taxes each year. There are also additional government reimbursement programs that may...
Learn about employee tax deductions and how they can help you save money on your finances. Discover the various deductions available to employees and maximize your tax savings.
Consequently, employee pay can be deducted from your income. On the other hand, personal expenses aren’t usually an allowable expense. Keep reading to see a deep dive into the subject of small business tax deductions. Which are the tax write-offs that are allowed and which aren’t? We’...
Note:If two deductions or benefits are defined to print in W-2 Box 14 with the same W-2 label, the two deductions or benefits will be combined and printed as one amount. Box 15State and Employer’s stateThe first state is the active state in the Employee State Tax Information window....
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.
529Miscellaneous DeductionsPublication 529 explains that claiming miscellaneous itemized deductions is no longer available to most taxpayers. Only people working in the following employment categories can claim a deduction for unreimbursed employee expenses: Armed Forces reservists, qualified performing artists,...
The amount of itemized deductions and personal exemptions you can take are normally phased out as your income rises. In 2010, however, those income limits have been repealed, and the recent tax relief act extends the repeal for two more years, through 2012. ...