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IRS forms W-2 and W-4 both have to do with employers and their employees. However, the difference between W-2 and W-4 forms lies in how they function and who should fill out and complete the documents.This article explains the W-4 form vs W-2, distinguishing one from another. It covers their differences in terms of purpose, who completes them, when...
When you look at your paystub, you might wonder what the LTD under the benefits section means. LTD stands for "Long-Term Disability." It is a type of disability insurance that protects your ability to earn an income in the event you incur an injury or severe illness. Disability insurance provides income coverage after an elimination period for con...
A Limited Liability Company, also known as LLC, is a much easier business structure to set up compared to corporations, such as an S and a C corporation. It provides flexibility and protection for the owners and shareholders. However, as with all business structures, you should consider all pros and cons of an LLC before deciding to form one. Here...
Trying to decide between an S corp vs. a C corp when incorporating your business could be tricky without knowing the two business-type entities properly. If you also want to know more about a limited liability company, check our devoted article - Pros and Cons of an LLC. There is no one right solution for what is better when considering what struc...
Form 1099-NEC or nonemployee compensation 1099 makes a comeback in 2020 after a 38-year hiatus. Employers and business owners used Form 1099-MISC for the past few decades to report nonemployee compensation. This time around, they could now welcome the revived and revamped 1099-NEC form. This article gives you knowledge about the IRS requi...
Are you wondering, what does a paystub look like? A pay stub is a slip given to the employee and contains all the details of their gross pay, tax deductions, net pay, and voluntary and involuntary deductions. These basic details help an employee their net pay amount by the employer. You must provide proof of your income while seeking a mortgage or...
Pay stubs hold great pieces of information. This information serves as proof as well as a document for income details. You will often find a pay stub law in most states that necessitate employers to provide pay stubs. Keeping your pay stubs is a great thing that makes future financial endeavors less complicated. Whether you are an hou...
Doing payroll manually can be time-consuming and frustrating, even if you run a small business. An analysis conducted a couple of years ago shows small business owners spend up to 5 hours every pay time. This is why opting for more efficient online payroll tools is important. What is Paperless Pay? Paperless pay is using an electronic payroll sys...
Both employers and employees have to make important calculations when it comes to payroll. After all, everybody wants to know how much they’re spending on salaries or how much they’re getting paid. And while these financials are very, very important, being accurate in calculating payments is far from easy. Whether you’re an empl...
It is good to understand how much taxes and deductions are, how they are calculated, and where they are going. While there are many deductions listed, one of the best places to start is by identifying the FICA on a paycheck stub.Here is everything you would need to help you understand what the FICA tax is for, why your employer withholds them and w...
Are you in the process of looking for a new apartment? Have you recently come across a place that you’d really like to call your new home? If that’s the case, you’ll have to go through a number of administrative steps with your potential new landlord. Landlords have the right to request numerous kinds of information before figuri...
As the deadline for the annual filing of Form W-2 comes near, all employees need to prepare their tax returns before the income tax due date. You should be aware of where your tax documents are stored and if you have received them from your employer. When filling out Form 1040 (Individual Income Tax Return Form), you need a Form W-2 (Wage and Ta...
Whether operating as a worker, employee, or independent contractor, specific terms are helpful to understand. Some of them include pay periods, check dates, and pay dates. Because when working in any business, an owner must be able to set up a payroll system that can accurately calculate and pay the workers while being able to explain the payment...
What Is Child Support On a Pay Stub? Child support is the proportion of funds endowed by one parent to the other for the financial upkeep of a dependent or dependents. The court typically orders this payment, but the two parents can also agree. Several factors determine the amount of child support one pays, such as the paying parent's income, the ...
If your employer hasn’t sent you a W-2 form or a pay stub, you can use other ways to file taxes. This article covers all the details about other forms and resources. Let’s dive in. What is Form W-2? Form W-2 is a tax document that employers send to their employees. It shows your income and taxes withheld from your paycheck, so you can...
Filing taxes is pretty easy if you have been living and working in the same state for years. However, when you have to file multiple taxes since you are living in more than one state, it can get tiring. In 2015, the United States Supreme Court passed a bill ruling against two states taxing a worker on the same income. While this decision favors ta...
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