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Maximize your HSA tax benefits by filing Form 8889. This essential form allows you to deduct your contributions to a Health Savings Account (HSA) and report any distributions. By understanding how to fill out Form 8889, you can reduce your taxable income
For instance, has the employee enrolled in your health insurance plan or is there a court-ordered garnishment to comply with?Your place(s) of business and where your employees perform services also play a factor in payroll deductions because not every state collects income tax....
California's state unemployment insurance, or SUI, is an employer-paid tax. State disability insurance, or SDI, is an employee-paid tax. The employee pays for disability insurance through withholding, meaning the employer deducts the payment from his or her wages. The employer submits unemploymen...
For a distribution to be considered qualified, the 5-year aging requirement has to be satisfied, and you must be age 59½ or older or meet one of several exemptions (disability, qualified first-time home purchase, or death among them). 4. Generally, there are no tax implications if you...
Learn More: What is SUTA Tax? State Unemployment Tax ExplainedRelated Glossary Terms SUTA (State Unemployment Tax Act ) FUTA (Federal Unemployment Tax Act) SDI (State Disability Insurance)Get Taxes Done Right, Without the Stress We know there's a lot that goes into preparing and filing payroll...
The earned income tax credit (EIC or EITC) is for low- and moderate-income workers. In general, the less you earn, the larger the credit. Families with children often qualify for the largest credits. See qualifications and credit amounts for 2024 and 202
An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way.Fidelity Smart Money An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. The 3 main...
Income taxes: Income taxes are deducted and paid to the federal government, as well as (most) state governments. The IRS hastax tablesto help you determine what an employee owes in federal taxes. FICA:FICA (Federal Insurance Contributions Act)is the tax that contributes to credits for your ...
Tax Identity Theft Tax identity theft occurs when someone uses your personal information to file a bogus state or federal tax return in your name and collect a refund.6 Criminal Identity Theft In criminal identity theft, a criminal poses as another person during an arrest to try to avoid a ...