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All of your payments to anyone individual taxpayer is supposed to be reported correctly to the IRS cash or other wise. If you are paying wages then you are a employer and you have employees and you are required to have a employer identification number and withhold all of the necessary taxes from your employer gross wages that you are paying to them.
You are also supposed to have some very good records of all of your business operations.
For instructions and forms go to the IRS.gov web site and use the search box for publication 334 Tax Guide for Small Business a very good place to start with examples
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the IRS.gov web site for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
What else can I help you with?
When do you stop paying FICA for the year?
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
During your lifetime is there a cutoff for FICCA tax payments and at what amount?
Age is not a factor...or number of years you've contributed. There is a maximum amount of FICA taxable wages each year...that changes regularly.
At what income do you stop paying FICA in 2008?
For the year 2008 the amount was Social Security Limit $102,000 and the Maximum Social Security Contribution was $6,324.00. The date today is July 27 2010 and the following would apply for the year 2010. When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60. You do not have any cap on the MEDICARE insurance contribution amount.
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
Is wages current liabilitys or non current liabilitys?
If wages already paid then it is current expense, if wages are payable within current fiscal year then it is current liabilities, if wages are payable in morethan one fiscal year that the amount payable in current fiscal year is current liability and the remaining amount will be treated as long term liability.
When do you stop paying FICA for the year?
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
What is the 2008 social security tax base?
=== === The maximum amount of wages subject to Social Security tax for 2008 is $102,000. There is no limit on the amount of wages subject to Medicare tax.
What is the limit on earnings subject to a medicare tax deduction?
I suspect you mean wages subject to the FICA contribution/payment. (The payment is generally NOT deductible in determining taxable income). The maximum amount of wages subject to the social security tax for 2007 is $97,500. There is no limit on the amount of wages subject to the Medicare tax. === === The maximum amount of wages subject to the social security tax for 2008 is $102,000. There is no limit on the amount of wages subject to the Medicare tax. 2009 The maximum amount is $106,800, no limit to the medicare tax. Remember. the wage to be taxed is determined using different definitions of income than in other things (like income subject to income tax).
what is the maximum amount of overtime can an employer give you with in a week?
There is no maximum amount of overtime; your employer must pay you overtime wages (usually time and a half) for every hour over 40 hours in a week.
What is the maximum contribution I can contribute to a 401k?
The maximum amount that you can contribute to your 401K plan is 50% of your taxible wages. If your Employer has a "match" Program They Will Contribute a Mirrior 50% with yours
In VA if the amount being sued exceeds the amount the auto insurance covers what will the defendant be responsible for paying if the defendant owns no real propery and has no assets but is employed?
Wages will be garnished.
What is the maximum unemployment benefit For Texas?
Your weekly benefit amount will be between $58 and $392 depending upon the wages you earned.
How do I report foreign wages on my 1040 tax form?
To report foreign wages on your 1040 tax form, you need to fill out Form 2555 or Form 2555-EZ to claim the Foreign Earned Income Exclusion. This allows you to exclude a certain amount of foreign earned income from your taxable income. You will then report any remaining foreign wages on your 1040 tax form as part of your total income.
Can a credtor still garnish your wages if you are paying as much as you can every month?
If you have an agreement to pay an agreed amount and make those payments, garnishment is unlikely.
My wife is age 65 and will retire before her birthday in October and the maximum amount she can earn during her last year is 38880 so is that the amount the lessor wages or the more Medicare wages?
There are many other factors to take into consideration. You should seek advice from lawyer in accountancy
What if your sons father was ordered to pay support Now I have wages getting garnished out of my check for the same amount why isn't the father paying anymore?
Did custody change?
Does an individual pay FICA taxes on Social Security income?
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
