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’s social security and Medicare programs receive contribution from the taxes paid as part of FICA Tax. People need to pay these taxes while they […]
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How And When To Report Tips For Tax Purposes
Are you aware that if you receive tips as part of your job, you are required to pay taxes on that income? Here’s everything you need to know about the tip reporting IRS system. Is Tip Income Taxable? Yes The tips income is taxable, including cash tips and non-cash tips. As a general rule, an […]
How Can I Apply For Unemployment Benefits?
What Is Unemployment Compensation? Unemployment compensation is designed to provide a source of income for workers who lost their employment through no fault of their own or due to layoffs, retrenchment, and restructuring. It is also termed as “unemployment insurance”, “unemployment payment”, or “unemployment benefits“. There are various types of unemployment benefits available and the […]
How to Fill Out W4? Step by Step Guide to Fill W4 Form
What is W4 Form? Form W4 is issued by the IRS to the taxpayers, to mention their allowances details with their respective employers for the exact tax withholding from their paychecks for Federal and State Revenue Departments. We crescent tax filing would take this as a pleasure opportunity, and feel more responsible to educate and […]
Child and Dependent Care Credit
Child and Dependent Care Credit: You could be amazed to know that some of the money you spent on childcare expenses can be claimed back from this nonrefundable credit. You can also qualify to claim these funds, provided you should have ever cared for disabled dependents or spouses. The Requirements to Claim This: These criterion […]