A W-2 explanation is essential for anyone working for an employer. It will help you to know the information on the document, as well as how to correct any mistakes you make. This article will walk you through some of the most common mistakes to avoid on a W-2. Box 1 Box 1 on your … Read more
Both Individual Retirement Accounts and a 401(k) is a way to save up for the future. While anyone can open up an IRA and start contributing right away, the employer must offer 401(k) to the employee. In this article, we’ll explain whether or not you can contribute to both IRA and 401(k), go over the … Read more
The University Enterprises, Inc., or shortly referred to as UEI timekeeping online is a part of the payroll services for UEI employees and student assistants employed by the UEI. The UEI timekeeping can be done online through the payroll services provided on the web. A timekeeper should inspect the hours worked by every employee and … Read more
FBAR, also known as the FinCEN Form 114 is the tax form to report foreign bank and other financial accounts. Every taxpayer who has more than $10,000 in accounts must complete the FBAR form to report these. Unlike other forms that report income paid, FBAR can only be filed electronically through the BSA e-filing system … Read more
Form 1099-DIV, Dividends and Distributions is an information return that reports the income earned through dividends and other distributions. If you’re an investor that has earned money from the stocks you hold, the investment company will furnish you with a copy of the 1099-DIV. This information return is just like any other information return and … Read more
With Biden replacing the presidency, a new stimulus bill amidst the COVID-19 crisis has been passed, extending the ended benefits of the FPUC (Federal Pandemic Unemployment Compensation). With the extension, you will receive FPUC until March 13, . The FPUC will give you $300 for every week you receive Extended Benefits (EB), Unemployment Compensation (UC), … Read more
There are multiple pay frequencies an employer can pay employees. Among these, one of the most common pay periods is the semi-monthly payroll. Unlike a bi-weekly pay period, the employer pays his or her employees two times a month – generally, on the 15th and the end of the month. The semi monthly payroll calendars … Read more
PTO payout or paid time off payout is an employer obligation for paying the unused paid time off when the employee leaves. If you’re an employer that has employees working for you, your employees are eligible for paid time off for at least two weeks annually. An employee who leaves the job properly, the employee … Read more
Form ST-3 Resale Certificate is used in New Jersey by the purchaser and furnished to the seller. The seller then keeps Form ST-3 and there is no need for further filing for this with the state tax department. The purpose of the resale certificate is to waive the sales tax on the purchase. For example, … Read more
The child tax credit is a popular tax credit that most families with children qualify to claim on their tax returns. What about the child tax credit income limits? Not every taxpayer can claim this tax credit – or the full amount of the credit. There are income thresholds that the taxpayers who plan on … Read more