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EMPLOYMENT TAX, TAX PLANNING

What Do Small Businesses Need to Know About Unemployment Taxes?

By Susan Ladika on December 8th, 2011 at 11:30 am

Sky-high unemployment rates and months of unemployment benefits for many workers have pushed some states into the red with the federal government. A study by the Tax Foundation issued in October found that 34 states had borrowed from the federal government to pay unemployment benefits when the states’ funds dried up. A few states have paid off their debts, but with many states still struggling financially, they owe a combined $37 billion, and began paying interest this fall on the cash they borrowed. Read More.

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EMPLOYMENT TAX

Incorrectly Classified as a 1099 Contractor Instead of a W2 Employee?

By The BIDaWIZ Team on December 7th, 2011 at 11:00 am

Many "employees" are surprised when they receive a 1099 form from their employer instead of a W-2 after the end of the year. Typically these workers begin scrambling to explore ways to rectify the issue and may even consider taking legal action. While this issue could have been completely avoided by having a clear understanding with the employer during the hiring period, let's look at what we should do if we've been incorrectly classified as a 1099 contractor. .
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EMPLOYMENT TAX, TAX PLANNING

US Citizens Earning Income While Living and Working Aboard

By The BIDaWIZ Team on May 27th, 2011 at 9:53 am
international-tax

US citizens working abroad and earning income from a foreign country are technically still subject to US income taxes. However, citizens that are considered, “qualified individuals” may exclude up to $92,900 ($195,800 if married and filing jointly) of their foreign earned income in 2011. In addition, they may be able to deduct their housing expenses. Read More.

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EMPLOYMENT TAX

I Haven’t Received A Raise, So Why Is My Paycheck Bigger?

By Susan Ladika on February 24th, 2011 at 12:44 pm
lower-social-security-tax

You may have missed it, but when Congress approved the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 in December, which is commonly called the extension of the Bush tax cuts, it mandated a major cut in the Social Security tax you pay. Instead of forking out 6.2%, you now pay 4.2% for all wages earned up to $106,800. Read More.

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EMPLOYMENT TAX

Are Part-Time Workers Employees or Independent Contractors?

By The BIDaWIZ Team on February 2nd, 2011 at 4:36 pm

1099-or-W-2-form
This can be a very complicated issue as many factors must be considered to determine whether a part-time worker is an employee or an independent contractor. This complexity is the main reason why the IRS offers taxpayers a form to file (SS-8) to request an official determination of their employment status. .
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