Michigan, just like any other state in the country is seeing high unemployment due to the COVID-19 crisis. Now that more people than ever is applying for unemployment insurance in the State of Michigan, here is what you need to know everything about it. First and foremost, where to apply for MI unemployment insurance benefits? … Read more
Form 8938—Statement of Specified Foreign Financial Assets is for reporting specified foreign financial assets. This tax form must be filed if the total value of all the assets you have an interest in is more than the designated reporting thresholds. You must be a person to file Form 8938 and have an interest in specified … Read more
The Internal Revenue Service requires individuals who earn income that isn’t subject to withholding to estimate taxes and make federal estimated tax payments. A taxpayer who needs to make federal estimated tax payments can pay taxes online. This can be done through the IRS Direct Pay or using a debit or credit card. How you’re … Read more
Form WH 380 E—Certification of Health Care Provider for Employee’s Serious Health Condition under the FMLA is the form for employees to request leave from their employers for their own health conditions. If you’re a worker, you are going to file this FMLA form to request up to 12 weeks of leave under the FMLA. … Read more
401(k) contribution limits are adjusted and updated by the Internal Revenue Service every year. The agency sets a limit on 2021 401(k) contributions to prevent highly compensated employees from benefitting more than an average compensated worker. The base contribution limit applies to the employee contributions. If you’re working for an employer where the employer matches … Read more
What is payroll tax? Payroll tax refers to the taxes that are withheld from an employee’s income when processing payroll. Every paycheck you get, your employer will withhold certain taxes. These are as follows. Social Security Tax Medicare Tax Federal, State, and Local Income Tax All the above are mandatory with the exception of state … Read more