Do Social Security recipients pay FICA taxes?

Do Social Security recipients pay FICA taxes? While Social Security benefits are subject to income taxes after retirement, pension payments, annuities, and the interest or dividends you receive from your savings or investments are not subject to Medicare or FICA taxes. Is FICA taken out of Social Security checks? If money was withheld from your […]

What business receipts do I need to keep?

What business receipts do I need to keep? Which Receipts Do I Need to Keep? Inventory. Buying inventory to sell to your customers? Assets. Your assets are the property you own and use in your business. Other Expenses. Most of your business receipts will likely fall into this bucket. Advertising. Car and Truck Expenses. Education […]

Who is plan administrator?

Who is plan administrator? A plan administrator is a person or company responsible for managing a retirement fund or a pension plan on behalf of its participants and beneficiaries. The plan administrator is tasked with ensuring the funds are properly collected and distributed to all qualified participants. How do I find my 401k plan administrator? […]

Are welfare benefits reported on a federal tax return?

Are welfare benefits reported on a federal tax return? Welfare benefits which are paid out by the government to individuals based upon need are not considered taxable for federal income tax purposes. It doesn’t matter if the benefits are paid to the individual or to a vendor on behalf of the individual: it doesn’t change […]

When to take your kids off your taxes?

When to take your kids off your taxes? You can claim dependent children until they turn 19, unless they go to college, in which case they can be claimed until they turn 24. If your child is 24 years or older, they can still be claimed as a “qualifying relative” if they meet the qualifying […]