It's no fun paying a hefty tax bill when you file your annual return. But Uncle Sam doesn't want to wait that long for your cash. Estimated-tax rules say you must pay a certain amount of tax during the year. If you don't, you run the risk of an underpayment penalty on top of your regular tax bill. Fortunately, you can stop the bleeding with some minor band-aids. Following is the who, what, where and when of estimated taxes ... and how to avoid penalties.
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The Social Security Administration (SSA) announced that the wage and self-employment income base for the Social Security tax will rise next year.
When the employees of yesteryear needed to vent about a bad day or an obnoxious boss, they went to their local pub and shared their frustrations with whomever was in earshot. Today's employees log on to the Net and gripe in their blogs for an estimated 32 million Americans to read. With an average of 20,000 new blogs being created daily, is it any wonder employers' biggest blogging concerns are that employees will use their blogs to disparage the company or co-workers, post objectionable material/pictures, or divulge proprietary company information? No! So that's why they're taking proactive policy action.
For too many people, the tax season is a February-to-April affair. But trying to plan your tax strategies after Dec. 31 is as futile as a football team drawing up its game plan with two minutes left in the fourth quarter: You can't do much to affect the score.
"Misconduct" is a word that terminated employees dread hearing. Reason: Being fired for misconduct typically means that an employee will have a tough time collecting unemployment insurance benefits. But what amounts to misconduct and what doesn't is not black and white.
There could be a time when you question an employee's relationship with an individual with disabilities in making benefits and other employment-related decisions, such as whether you need to provide more benefits or if you can grant time off. The Equal Employment Opportunity Commission (EEOC) addressed those questions by releasing a Q&A-style document about a little-known provision in the Americans with Disabilities Act (ADA) known as the “association provision.”
Look once: You fulfilled your obligation to inform employees and their beneficiaries of their COBRA rights triggered by a qualifying event, such as termination. Look twice: Do you provide another notice if a beneficiary informs you of a second triggering event? You might have thought you didn't have to, but look again.