Guides
Every guide starts with the short version. Read on only if you want the details.
Understanding Self-Employment FICA Taxes for 1099 Workers
1099 workers pay 15.3% tax – the Employer AND Employee components; but, can reduce their overall taxable wages.…
Key TermsDemystifying FICA: Understanding the Federal Insurance Contributions Act
FICA mainly funds Social Security and Medicare. It involves contributions split equally from both employees and employers – Social Security tax is 12.…
Key TermsMaximizing Employee Benefits: A Comprehensive Guide to Flexible Spending Accounts (FSA)
Put aside pre-tax dollars to pay for specific costs. It is “use it, or lose it” so you have to spend those funds that year or forfeit them (some plans…
Key TermsNavigating the Qualified Business Income (QBI) Deduction: A Simplified Guide with Illustrative Scenarios
The Qualified Business Income (QBI) deduction is a tax provision in the United States that allows certain business owners to deduct up to 20% of their…
NewsRecent FLSA Changes in Effect: A Deep Dive into Employee or Independent Contractor Classification
On 3/11/2024, a Department of Labor (DOL) rule changed how workers are classified as employees or independent contractors under the Fair Labor Standar…