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U.S. Self-Employment Tax
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
U.S. Federal Earned Income Tax Credit (EITC) Introduction
The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. EITC reduces the amount of tax you owe and may give you a refund.Those who qualify for EITC and claim the credits could pay less tax or even get a tax refund.
US Gift Tax
The gift tax applies to lifetime transfers of property from one person (the donor) to another person (the donee). A gift is made if tangible or intangible property (including money), the use of property, or the right to receive income from property is given without expecting to receive something of at least equal value in return. If something is sold for less than its full value
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