You must pay your state’s unemployment tax rate on each employee’s wages until they earn above the wage base. Most states set a higher taxable wage base for SUTA than the $7,000 FUTA tax wage base. For example, Ohio’s taxable wage base for calendar years 2020 and beyond is $9,...
The key to business tax reporting and business expense deductibility is that expenses are "ordinary and necessary." That's the phrase the IRS uses to describe thecosts of doing business. Those costs are deducted from income in order to arrive at taxable income for the period being reported....
Definitions of income:What counts as 'taxable income' can differ by state. Most taxable income includes wages from your job, but it can also cover other forms of income, such as money from freelance work, business profits, and sometimes even retirement distributions or unemployment compensation. ...