FICA

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Glossary: Tier I/Tier II Railroad Retirement Benefits

By | October 26th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Railroad Retirement Benefits are a form of retirement income for people employed by railroads in the United States. Let's look at how these benefits are taxed.

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Why Does Iowa Make You Add Federal Self-Employment Tax to Income?

By | April 10th, 2017|Categories: State Taxes|Tags: , , |

On the Iowa 1040, taxpayers are required to add federal self-employment tax for the current year into income for Iowa purposes. Why does Iowa require this?

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Glossary: Payroll Taxes

By | November 1st, 2016|Categories: Glossary|Tags: , |

Payroll tax refers to taxes an employer pays when the employer has employees.

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What Taxes is a Tax-Exempt Organization Responsible For?

By | October 6th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , |

Tax-exempt organizations are exempted from paying income tax and federal unemployment tax... but they might have other tax liabilities that they’re responsible for.

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Choosing a Business Entity: S-Corporation

By | November 19th, 2015|Categories: Small Business Tax and Accounting|Tags: , , |

S-corporations share many of the same characteristics of partnerships. The biggest difference is, owners who work in the business day-to-day are paid a salary.