The term ‘Tax Credit’ refers to the amount which a taxpayer is allow to subtract directly from the taxes they owe. The tax credit can be categorized into certain categories that include, refundable tax credit, non-refundable tax credit and partially refundable tax credit. There are several types of tax credits provided to the eligible citizens … Read more
The federal government of the United States of America has made it clear that no COLA increase will occur until January 2025. As we all know, the social security income is increased on an annul basis as per the COLA increase. There are many speculations regarding the social security increase coming in June 2024 but … Read more
The Roth IRA which is also referred as Roth Individual Retirement Account is a tax-advantaged account which allows an employer to contribute a portion of their income for retirement benefits. The Roth IRA is like the traditional IRA except for the contributions made by the employees will be after tax. It means, there will be … Read more
For an employee in the United States of America, 401(k) plan can be one of the most effective ways to fund their retirement benefits. But first, let’s understand what is 401(k) plan? The term 401(k) plan refers to the retirement savings plan responsible to provide tax benefits to the employees in their retirement age. The … Read more
The Old Age, Survivors and Disability Insurance (OASDI) tax, also referred as the Social Security Tax is a percentage of gross earnings which must be paid by employees, employers and self-employed citizens. The foremost purpose behind this is to fund the social security programs run by the Social Security Administration (SSA). The federal government has … Read more
As of Now in 2024, almost 67 million citizens or 1 out of every 5 U.S. residents received social security monthly income. The Social Security Administration (SSA) manages the financial aid provided to the retired seniors, low-income individuals and their families. The citizens with any disability and children are also benefitted by the SSA programs. … Read more
The W-9 form is a vital U.S. tax document. It’s used by people and businesses to give their Taxpayer Identification Number (TIN) to the IRS. This TIN could be an SSN, EIN, or ITIN. It’s important for non-employees like contractors. It tracks payments for things like income or real estate. Basically, the W-9 helps ensure … Read more
Savannah Chrisley has grown up from an concerned teenager on her family’s show “Chrisley Knows Best” to a business tycoon in just a couple of years. Savannah Chrisley is daughter of a millionaire Todd Chrisley and his wife Julie Chrisley. She is a reality TV star who gained fame from her family’s TV show “Chrisley … Read more
If you were a Facebook user between May 24, 2007 to December 22, 2022, then you are eligible to claim a cash payment from a class action settlement. As the claim was made that the social media giant was involved in giving access of user data without their consent to third parties, the Facebook parent … Read more
The extra payment that an individual earns other than his/her income can be considered as bonus payments. These payments can be provided under the financial support programs or tax refund or credits to the eligible citizens of the country. However, the bonus payments can be categorized as per refundable and non-refundable payments. For instance, the … Read more