Guide for Reporting Tip Income by Employers & Employees
MIKE D’AVOLIO, CPA, JD SEPTEMBER 2, 2019 Employers and employees in the service industries that involve tipping need to comply with a unique set of tax rules. Like wages, you must pay income tax, Social Security tax and Medicare tax on tip income. Tax professionals can share the following guide with clients and prospects to educate and encourage them …
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10 Simple Year-End Income Tax Tips
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What is Nontaxable Income?
DATIS Blog- What is Nontaxable Income? Understand the advantages that come from the most common types of nontaxable income.
What is Taxable and Nontaxable Income
You can receive income in the form of money, property, or services. This section list many kinds of income that are taxable or nontaxable. It includes employee wages and fringe benefits, and income form bartering, partnerships, S corporations, and royalties. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.
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Learn about the income statement, and how to calculate net income using revenue and expenses. Read about making better decisions using the income statement.
How to Protect Your Retirement Income from Social Security Mistakes
At the budget-strapped agency, reps may hand out incorrect information. Here's how our Social Security expert helped readers get the right answers.
How Many Taxpayers Fall Into Each Income Tax Bracket?
Most taxpayers are aware that the federal income tax is designed to tax individuals with higher incomes at higher rates. Specifically, the income tax is structured around seven tax brackets, which impose rates from 10% to 39.6% on each additional dollar that individuals earn. Earlier today, we released estimates for how the seven tax brackets …
How Income Taxes Work
Using QuickBooks’ Income Tracker
QuickBooks provides numerous ways to learn about your company’s health. Income Tracker is one of the most effective.