Category : Taxes : Business & Finance

What Is a 501c Plan?

Taxes
According to the IRS, "organizations must be organized and operated exclusively for exempt purposes" to receive the status of a 501(c) trust. Further, the organization cannot "organize or operate for private interests." Created before June 25, 1959, 501(c) trusts are exempt from some federal taxes a

IRS Form 8853 Instructions

Taxes
Taxpayers who have an MSA (medical savings account) through an employer or through Medicare, or who received payments for long-term care during the course of a tax year must fill out Form 8853 along with their standard Form 1040 tax returns. Form 8853 provides details to the IRS regarding these unta

How to Calculate Taxes on a Bonus

Taxes
Some employers give bonuses to their employees for work well done, signing on or other purposes. These payments are subject to federal income tax withholding in the same way that regularly scheduled payments are subject to income tax withholding. Employers may choose to withhold 25 percent of the bo

How to Decrease Payroll Tax

Taxes
You may be dismayed to see how far your paychecks shrink after taxes are taken out of them. There is little you can do to adjust the taxes you pay for Social Security and Medicare, but you do have some flexibility with the federal taxes your employer withholds from your checks. With careful planning

Sources of Taxable Income

Taxes
Your taxable income is the amount of money that is multiplied by your marginal tax rate to determine how much you owe the Internal Revenue Service. While not every dollar that you earn may be taxed, there are several types of taxable income that you may have to pay taxes on.