Raina's Elektra

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Posted on 9 November, 2017 at 14:19 Comments comments (0)


Posted on 9 November, 2017 at 14:10 Comments comments (0)

Some new dates...but all important...

Posted on 21 December, 2016 at 10:31 Comments comments (0)
Important Dates...some due dates are new...
  • Form W-2: Furnish copies B, C, and 2 to each person who was your employee during 2016. See General Instructions for Forms W-2 and W-3.
  • Form W-2 and Form W-3: Send Copy A of Form(s) W-2 and W-3 to the SSA
  • File Form 941 (for Q4 2016), Form 943, and Form 944 to IRS
  • Deposit 940 payments if undeposited FUTA tax is more than $500 on February 1, 2016
  • NEW! Deadline to file when reporting non-employee compensation payments in Box 7
  • Deadline for providing contractors/ vendors with 1099-MISC copies
February 15, 2017
  • Due date for providing 1099-MISC statements to recipients if amounts are reported in Box 8 or 14
February 28, 2017
  • Filing deadline to IRS via paper if filing outside of Box 7 (Form 1096 must accompany all paper submissions)
March 31, 2017
  • E-filing deadline to IRS if filing outside of Box 7

Tax Tips for Students with Summer Jobs

Posted on 18 June, 2015 at 10:24 Comments comments (1)
Tax Tips for Students with Summer Jobs
Students often get a job in the summer. If it’s your first job it gives you a chance to learn about work and paying tax. The tax you pay supports your home town, your state and our nation. Here are some tips students should know about summer jobs and taxes:
  • Withholding and Estimated Tax.  If you are an employee, your employer withholds tax from your paychecks. If you are self-employed, you may have to pay estimated tax directly to the IRS on set dates during the year. This is how our pay-as-you-go tax system works.
  • New Employees.  When you get a new job, you will need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use it to figure how much federal income tax to withhold from your pay. The IRS Withholding Calculator tool on IRS.gov can help you fill out the form.
  • Self-Employment.  Money you earn doing work for others is taxable. Some work you do may count as self-employment. These can be jobs like baby-sitting or lawn care. Keep good records of your income and expenses related to your work. You may be able to deduct (subtract) those costs from your income on your tax return. A deduction can cut taxes.
  • Tip Income.  All tip income is taxable. Keep a daily log to report them. You must report $20 or more in cash tips in any one month to your employer. And you must report all of your yearly tips on your tax return.
  • Payroll Taxes.  You may earn too little from your summer job to owe income tax. But your employer usually must withhold social security and Medicare taxes from your pay. If you’re self-employed, you may have to pay them yourself. They count for your coverage under the Social Security system.
  • Newspaper Carriers.  Special rules apply to a newspaper carrier or distributor. If you meet certain conditions, you are self-employed. If you do not meet those conditions, and are under age 18, you may be exempt from social security and Medicare taxes.
  • ROTC Pay.  If you’re in ROTC, active duty pay, such as pay you get for summer camp, is taxable. A subsistence allowance you get while in advanced training is not taxable.
  • Use IRS Free File.  You can prepare and e-file your tax return for free using IRS Free File. It is only available on IRS.gov. You may not earn enough money to be required to file a federal tax return. Even if that is true, you may still want to file. For example, if your employer withheld income tax from your pay, you will have to file a return to get a tax refund.

New Mexico — Wage and Hour

Posted on 15 November, 2013 at 12:58 Comments comments (1)
New Mexico — Wage and Hour
The City of Albuquerque has issued a release advising that, effective Jan. 1, 2014, the City's minimum wage will increase from $8.50 per hour to $8.60 per hour. The minimum wage will be $7.60 per hour if the employer provides health care and/or child care benefits valued at $2,500 or more annually. The minimum wage for tipped employees will increase to $5.16 per hour.

Term of the Day....HIPAA

Posted on 9 August, 2013 at 12:17 Comments comments (1)
Term of the Day                                                                                     HIPAA Definition
Health Insurance Portability and Accountability Act. A law mandating that anyone belonging to a group health insurance plan must be allowed to purchase health insurance within an interval of time beginning when the previous coverage is lost. The law protects employees, especially those with long term health conditions who may be reluctant to leave jobs because they are afraid pre-existing condition clauses will limit coverage of any such conditions under a new insurance plan, from losing health insurance due a change in employment status. The law also creates standards dealing with the privacy of health information, which helps prevent improper use of one's medical record.

Usage Example
Employers that offer a fully-insured health plan and sponsor an HRA often overlook their HIPAA Privacy obligations.

Term of the Day FICA Definition

Posted on 6 August, 2013 at 12:50 Comments comments (1)
Term of the Day                                                                                       FICA Definition
The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits. An acronym for Federal Insurance Contributions Act. More commonly known as social security.

Usage Example
The Government spent the extra income, easily covering the payouts on cash flow, and has increased the FICA deductions over the years to maintain SS as a positive cash flow for the Government.

Contact me to register!

Posted on 20 June, 2013 at 12:52 Comments comments (1)
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Small Business-Live Boradcasts-Today!!!

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Contact me for Webinar information

Posted on 18 June, 2013 at 10:41 Comments comments (2)
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