The parents of students that are applying for Federal Student Aid are required to submit their tax information. On a paper application, parents can include their tax transcript on their FAFSA. This is done physically by taking a paper copy of the tax transcript and attaching it to their FAFSA forms. While this is one … Read more
Form W-9 is filed by individuals and businesses that are requested with a copy of it. When you get paid, and the payer doesn’t have your tax information, the information returns can’t be filed, therefore, you need to provide it by filling out a W-9. It’s overall a simple tax form that includes only the … Read more
It’s safe to say that the current year hasn’t been so kind to Drudge Report. The biggest news aggregator, mostly followed by conservatives in the United States has already changed the title of the website from to . If you’re expecting Drudge Report to cover news articles about the new year, you wouldn’t be surprised … Read more
Federal employees see a pay raise every calendar year. The 2022’s pay raise is going to be calculated using the Employment Cost Index. It’s very parallel to the inflation rate for the year, thus, making it very predictable for us to figure out the pay raise for the next year. The same as the military … Read more
Form W4 is the tax withholding form to let employers know by employees about their anticipated federal income tax returns to set an appropriate withholding rate. It isn’t mandatory to file, but it would be nice doing it for your taxes. In this article, we’ll go over the basics of Form W4 and answer the … Read more
A tax hike for the current year’s taxes is on the horizon, and it won’t be a surprise if the new legislation passes by the end of the calendar year. Similar to the Tax Cuts and Jobs Act of 2017 where the legislation was passed by the Congress in December and the changes were immediate … Read more
Biden Administration’s new proposal for financial institutions to report transactions over $600 has been a hot topic over the last couple of days. If the proposal were to take into effect, it will touch more than just those that earn a high income with income that’s left unreported. Currently, any transaction that’s more than $10,000 … Read more
Form 941, the tax form used for reporting payroll-related taxes is known as the Employer’s Quarterly Tax Return. Employers in the United States must report the income taxes and FICA taxes withheld from their employees’ income during the tax year. Reporting these also helps to file further tax forms such as the W-2 and other … Read more
Other than income taxes, employers must withhold Social Security and Medicare taxes. These two taxes are also known as FICA (Federal Insurance Contributions Act) taxes. It’s how the majority of the funds are created for Social Security and Medicare benefits. As an employer, it’s your responsibility to pay the employee wages that are subject to … Read more
Form W4, Employee’s Withholding Certificate, or formerly known as the Employee’s Withholding Allowance Certificate has been updated for the tax year. Employees who started working in any month of needs to use the updated version of the W4. While the use of Form W4 is simple enough, the IRS renews it every year against changes … Read more