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There are two main types of federal tax deposits a small business owner will file: FICA and FUTA. FICA tax deposits: You are required to pay FICA taxes either monthly, semiweekly, or the next day, depending on your predetermined tax deposit date. FUTA tax deposits: You’ll only pay FUTA...
If you’ve been employed at any point, you might have noticed the line for “FICA tax” deducted from your paycheck. This is a typical payroll tax every employee pays—but what does it pay for? What, exactly, is the Federal Insurance Contributions Act (FICA)? Here’s your guide. What...
Your proof of income (recent pay stubs, W-2 or 1099 forms, tax returns from the last two years) Your proof of address (utility bills, a lease agreement, mortgage statements, etc.) Bank statements Some lenders may look for additional documents, especially if you’re self-employed. It’s ...
Sometimes, it makes sense to pay points; other times, it does not. A mortgage point is one percent of the amount you are mortgaging. For example, if you are mortgaging $350,000, one point would equal $3500. You essentially buy down your loan rate when you pay points with your mortga...
So if you’re wondering how quickly can underwriting be done, it may depend on how busy the company is and if there’s any backlog. Once your file does get in front of an underwriter, the average time for underwriting is pretty quick, often 24 hours or less. ...
Make adown payment.You need to make a down payment when you apply for the loan, just as you do with most mortgages. The amount will depend on the lender you choose and the amount you’re trying to borrow to pay for construction, but construction loans usually require at least 20 percent...
I’ve taken as many loans as I can get and I’m waiting for a federal grant. Assuming all of that does come through, I plan on doing a brand new opening with a new sound system, new lights, new décor. So S.O.B.’s will be 39 years old, but it will be a new 39. After...
When owners do sell the home, federal law allows most homeowners to keep the profits and pay nothing in capital gains taxes. Tax law can change, and there are stipulations, like having owned the home for at least two years. Look at therequirements here. ...
Year to date (YTD) refers to the period beginning on the first day of the currentcalendar yearorfiscal yearup to the current date. YTD information is useful for analyzing business trends over time or comparing performance data to competitors or peers in the same industry. The acronym is often...