This article from the penny hoarder may help clarify.
https://www.thepennyhoarder.com/make-money/career/retroactive-unemployment-benefits/
Month: August 2020
Executive Orders – The $400 boost
What do the president’s executive orders mean to you? There’s a good article from The Penny Hoarder, link below
https://www.thepennyhoarder.com/make-money/career/executive-order-unemployment/
Good Record Keeping = Good Business
Taking care of business: An #IRS tip can help you understand the ins and outs of good recordkeeping: https://go.usa.gov/xfvU9
Check Your Payroll Tax Withholding Annually
This year has brought about changes for many people. Visit the #IRS Withholding Estimator to make sure your taxes are still covered in your current financial situation.
Visit http://irs.gov/withholding
In The Military??? You Have Special Tax Benefits…
Members of the military and their families have special tax benefits available to them such as free tax preparation, filing assistance during the tax filing season and more. Read: https://go.usa.gov/xfaYe#IRS
IRS – understanding the e-Services Transcript Delivery System
Catch up on understanding the e-Services Transcript Delivery System with a free #IRS webinar on August 13. Register now: http://irs.gov/webconference
IRS – Limits On Charitable Contributions
Greater deductions by businesses for contributions of food inventory for the care of the ill, needy or infants are now allowed. Businesses that contribute food in 2020 may deduct up to 25 percent of their net or taxable income. https://go.usa.gov/xfQZs#COVIDreliefIRS#IRS
IRS – Reporting Tip Income – Tip (Hahahaha)
Three things can help you correctly report your tip income to the #IRS:
•Keep a daily tip record.
•Report tips to your employer.
•Report all tips on your income tax return.
TEAM KENTUCKY FUND – Application for Assistance
If you, or someone you know, are seriously affected by what’s happening with Covid 19, you can apply for assistance through the following link. For Further Information, See https://teamkyfund.ky.gov/Default.aspx
Who Is Overseeing the Team Kentucky Fund?
The Team Kentucky Fund is overseen by the Public Protection Cabinet. The program will be administered through a partnership with the Community Action Kentucky, Inc.
The Public Protection Cabinet (PPC) keeps Kentuckians safe in business, leisure and daily life. We ensure safe and fair operation of some of the most important institutions in the Commonwealth. From sporting events, to building and banking, our diverse agencies share a common goal—providing the best service to every citizen and business in the state.
Payroll Taxes….Huh????
What are payroll taxes and what does the President’s order do?
Payroll taxes consist of Social Security taxes and Medicare taxes. Every pay period, an employee pays 6.2% of their earnings for Social Security and 1.45% for Medicare taxes. Workers pay the 6.2% Social Security tax on annual earnings up to $137,700.
Meanwhile, the employer pays the same rate per paycheck, adding up to a combined 12.4% Social Security tax and 2.9% Medicare tax.
In late March, the $2.2 trillion CARES Act said employers could defer paying their share of the Social Security tax from March 27, when Trump signed the CARES Act, to the end of the year. They can pay back one half of the sum by the end of next year and the second half by the end of 2022.
From Article: https://www.marketwatch.com/story/what-does-trumps-payroll-tax-deferral-mean-for-your-paycheck-not-much-experts-say-2020-08-10
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