What is FICA Tax?

FICA Tax stands for Federal Insurance Contributions Act. The Federal Insurance Contributions Act is a federal payroll of the United States that modulates Social Security and Medicare tax payment. The country‚Äôs social security and Medicare programs receive contribution from the taxes paid as part of FICA Tax. People need to pay these taxes while they […]

American Opportunity Tax Credit (AOTC) 2020

American Opportunity Tax Credit 2020: (AOTC) is a financial assistance to children or for taxpayers to pursue Post-secondary education. AOTC permits taxpayers to reduce income taxes up to $2500 for each eligible student. IRS allows students who are on H1B, GC, GC EAD, Citizens and Resident Aliens to claim American Opportunity Credit or Lifetime Learning […]

Earned Income Tax Credit (EIC) 2020

Earned Income Tax Credit 2020: Earned Income Tax Credit is known by EITC or EIC is a tax benefit for the people who are working in the United States of America with low income. The taxpayer needs to meet certain criteria to be eligible for Earned Income Tax Credit since it reduces your tax or […]

Can I Choose Single Tax Filing Status, How & Why?

Single Tax Filing 2020: We have taken this opportunity to give you brief information about determining your exact filing status so that you can file accurate tax returns, let go through the information below. What is Single Tax Filing Status? A tax payer has to determine his tax filing status to get better tax benefits […]