b. What is your average tax rate? c. What is your marginal tax rate What is the difference between the federal income tax on individuals and that imposed on corporations? In connection with the Medicare component of FICA, comment on the following: a. Any dol...
Compensation: Every organization has different compensation structures. Compensation is calculated by considering the base salary, additional benefits, allowance, bonus, and other job-related aspects. Additionally, the leaves taken by the employees i...
Independent contractors and others who receive income from sources other than an employer can expect to receive a 1099 instead of a W-2. So, what is a 1099, and how do you use it to file your taxes? Here's everything you need to know about Form 1099, inc
What Is a Pension Fund? A pension, or defined benefit plan, is a retirement fund in which the company makes contributions during the work life of the employee. Upon retirement, employees receive a guaranteed payment that is typically based on a percentage of their average salary and th...
SEP-IRA: A Simplified Employee Pension (SEP) plan is another way for self-employed individuals and business owners to set up a retirement savings plan for themselves and their employees. These accounts are funded by the employer, and contribution limits are higher than other types of IRAs. In...
A Single Premium Immediate Annuity (sometimes referred to as an "SPIA") may be the right annuity for you if you are looking for payments that begin right away and continue for the rest of your life or for a specified period of time. The annuity is purchased from an insurance company ...
What is AGI? “What is AGI?” and “What is AGI on taxes?” AGI is simply the acronym for Adjusted Gross Income. It’s a common term used for tax purposes, so it’s important to understand AGI’s meaning and relevance. To boil it down, it’s simply your total gross income minus...
3. The post-payroll phase It involves distributing pay to employees, making social insurance and pension contributions, keeping accurate financial records, and filing required forms and reports with government agencies. Depending on where the company’s located, employers will need to hold employee rec...
The basic benefit plan is a pension where you receive a set amount in retirement, regardless of the amount you have contributed during your working years. The amount depends on your length of service and your "high-3" average. "High-3" refers to your highest three c...
The main difference between the two systems is that CSRS provides a larger benefit than FERS, and deducts a larger share of the employee's paycheck. CSRS employees pay 7% of their salary into the civil service retirement fund, while FERS employees pay up to 4.4%, depending on their date ...