What is the Write Off Milage Rate for 2022
The business mileage rate for tax year 2021 is fixed at 21 pence per mile and remains the same in tax year 2022. The amount of business miles that you…
How To Hide Business Income
Keeping business income separate from personal income can be tricky. If you file taxes as an individual, you need to be careful how you report the income from your business.…
FICA Tax Explained – What is FICA and How Does It Work?
The Federal Insurance Contributions Act, also known as FICA, is a tax levied on most U. S. employees who are covered by certain types of jobs and employers also known…
Medicare Tax Overview: What You Need to Know About the Medicare Tax
The Medicare tax is an additional tax of 1.45% that you pay on your personal income, which is referred to as your taxable income. This tax is charged on the…
Payroll Calculations: Guide for Small Businesses and Individuals
In the world of small business, things can get a little hectic. There are so many things to take care of and no one to answer your questions. However, that…
What Is Federal Withholding Tax?
The federal government taxes individuals and businesses based on their income level. According to tax foundation.org, The top 1 percent of taxpayers paid a 25.6 percent average individual income tax…
The Ultimate Guide To Small Business Tax Facts and Tips
Business owners in the United States are subject to a variety of different taxes. The majority of small businesses do not pay income tax, but many small business owners have…
9 Small Business Deductions That Could Save You Money
Do you own a small business? If so, you know how tough it can be to keep expenses under control. From employee taxes, insurance and maintenance fees to vendors and…
A Beginner’s Guide to Payroll Tax: Everything You Need to Know
Payroll taxes are a necessary evil for small businesses. You need to pay them, but you might not understand why they exist or how they impact your company. This article…
What is Sole Proprietorship? What are the Benefits of Sole Proprietorship?
A sole proprietorship is a business owned by one natural person. It does not have any partners or shareholders and the owner operates it as an independent business entity. This…