The gross pay is the amount you get paid before any taxes. Your employer processes payroll and makes sure that you pay your fair share of taxes. Several taxes start with your gross pay and reduces it to the net pay. After your net pay, you have no obligation to anyone as you’ve already paid … Read more
The Individual Retirement Accounts can be quite complicated especially when a rollover is on the mind. If you’re wondering whether or not after-tax contributions can be rolled over to a Roth IRA, the answer is yes. You can rollover after-tax contributions to a Roth IRA, and also without including earnings. If you should do it … Read more
An employer is responsible for taking out the taxes from employees’ paychecks every pay period. When the employer or an accountant processes payroll, federal income taxes and state income taxes are taken out along with the two mandatory federal programs, the Medicare taxes and Social Security taxes. A salary take home calculator can help employers … Read more
Forms 1099 are information returns that report income paid in various ways. Most business owners are mandated to file this tax form for payments made to freelancers and contractors that exceed $600. Since the recipient of Forms 1099 get this tax form to file their federal income tax returns, so the income is reported, the … Read more
Form 1099-NEC, or known as the Nonemployer Compensation, is an information return used for reporting income paid to freelancers and contractors or any other person you’ve made payments, but not an employee of yours. The business owners in California use this tax form a lot because the number of freelancers and contractors is among the … Read more
The bank transfers are an everyday activity for most businesses. They make it easier to send and receive payments for business operations but how long a bank transfer take? It’s going to take depend on the type of bank transfer. For example, wire transfers made through non-bank money transfer services may complete the transfer immediately … Read more
The IRS reject code IND-031-04 refers to a mismatch of prior year Adjusted Gross Income or PIN. If what entered doesn’t match the records, you’ll get the IND-031-04 reject code. What you need to do is check your AGI or PIN and enter it correctly. The Internal Revenue Service only needs either one so you … Read more
How long should a taxpayer keep the federal income tax returns? This is a debatable topic but common sense can guide you through how long to keep tax returns. We suggest keeping the records of tax returns for at least three years from the date the original return is filed. This is recommended for the … Read more
Form W-4 printable for the tax year is the tax form employees to give tax information to employers. Known as the Employee’s Withholding Certificate, Form W-4 isn’t mandatory but it should be filed by all employees. Without Form W-4, the employer won’t be able to withhold tax at the accurate rate which will result in … Read more
Form W-2 is the Wage and Tax Statement form for employers to report wage, salary, and tips paid to employees and federal, state, and local income taxes from these payments. Employees need their W-2 to file their federal income tax returns as it reports the majority of the income they earned. Without Form W-2, employees … Read more