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U.S. Individual Income Tax -- Part 1 Filing Status Requirements
There are five different choices of filing status (The five filing statuses are: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child), but you can only choose one filing status on your tax return. If more than one filing status applies to you, you may choose the one that will result in the lowest amount of tax. Your filing status may change from year to year.
U.S. Social Security and Medicare Taxes
The Federal Insurance Contributions Act (FICA) provides for a federal system of old-age, survivors, disability, and hospital insurance. The old-age, survivors, and disability insurance part is financed by the social security tax. The hospital insurance part is financed by the Medicare tax. Generally, employer is required to withhold social security and Medicare taxes from employees' wages and pay the employer's share of these taxes.
U.S. States with No Business Income Tax - Ohio
Ohio located in the East North Central region of the United State. Ohio is the seventh most populous, and the tenth most densely populated in the country. The manufacturing sector is the largest industry in the state. The state's factories lead the nation in the production of plastics and rubber, fabricated metals, and electrical equipment and appliances. Ohio also is a leading producer of steel, autos, and trucks.
U.S. States with No Income Tax - Washington
The state of Washington is a state in the Pacific Northwest region of the United States. Aerospace, agriculture and food manufacturing, clean technology, information and communication technology, forest products are the biggest industries in the State. The state of Washington has a business-friendly environment. Many big companies include Boeing, Microsoft, Amazon, Costco, and Nordstrom are located in Washington state.
Introduction to Volunteer Income Tax Assistance (VITA)
The Volunteer Income Tax Assistance (VITA) program is an IRS initiative designed to support free tax preparation service in underserved communities for low-to-moderate income families. The following will briefly introduce the eligibility and procedures of VITA program. The VITA program offers free tax help to people who generally make $56,000 or less, persons with disabilities and limited English-speaking taxpayers who need assistance in preparing their own tax returns.
FATCA Reporting for U.S. Taxpayers
The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. Under FATCA, certain U.S. taxpayers, holding specific financial assets outside the United States and meeting the reporting threshold, must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets.
Guide to Foreign Bank and Financial Accounts (FBAR)
Under the Bank Secrecy Act, United States persons every year must report certain foreign financial accounts to the Treasury Department by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114 and keep certain records of those accounts.A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust, and estate, must file an FBAR if that person has a financial interest in or signature authority over
Guide to Claiming International Student’s FICA Tax Refund
The Internal Revenue Code (IRC) imposes the liability for FICA (Social Security and Medicare) taxes on both the employer of, and the employee, who earns income from wages in the United States. The Internal Revenue Code also grants an exemption from social security and Medicare taxes to non-immigrant students, who temporarily present in the United States in F-1 status. This article will help you determine if you were eligible and explain how to claim your FICA refund.
The Relevant Information about U.S. Corporation Dividends
A corporation may subject to double taxation. Specifically, a corporation must file and pay corporate income tax during each taxable year, and the shareholders must pay taxes on any dividends or other distributions during the taxable year when they got them from the corporation. However, the corporation can choose to retain the earnings to finance growth and reasonable needs of the business up to USD 250,000
Issues about Hiring Employees in the U.S. Company
A U.S. employer may sponsor a prospective or current foreign national employee who is inside or outside the United States and who may qualify under one or more of the employment-based (EB) immigrant visa categories. Generally, aliens with extraordinary ability in the sciences, arts, education, business, or athletics; outstanding professors and researchers;