http://askcpasam.com/blog Making Payroll, Tax, Finance, Accounting Understandable Fri, 04 May 2012 13:21:07 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://askcpasam.com/blog/2012/05/04/one-state-two-state-three-state-withholding/ http://askcpasam.com/blog/2012/05/04/one-state-two-state-three-state-withholding/#comments Fri, 04 May 2012 13:21:07 +0000 CPA Sam http://askcpasam.com/blog/?p=714 Q. I have a question regarding payroll tax withholding, and personal income tax reporting. When an employee is a resident of state X, but works in state A, B anc C, as a travelling consultant. And where B has reciprocity agreement with state X. What are the employees income tax reporting responsibility. Does the employee [...]

]]> http://askcpasam.com/blog/2012/05/04/one-state-two-state-three-state-withholding/feed/ 0 http://askcpasam.com/blog/2012/02/07/w2-questions/ http://askcpasam.com/blog/2012/02/07/w2-questions/#comments Tue, 07 Feb 2012 22:28:10 +0000 CPA Sam http://askcpasam.com/blog/?p=680 Q1. If I was paid a cash bonus in 2010 and 2011, can my employer report both years of bonus on my 2011 w-2? A. The answer to your question is really quite simple.  When did you receive the money?  Payroll taxes are calculated like cash accounting.  When funds are “constructively received,” they become taxable.  If [...]

]]> http://askcpasam.com/blog/2012/02/07/w2-questions/feed/ 0 http://askcpasam.com/blog/2012/01/16/making-estimated-tax-payments/ http://askcpasam.com/blog/2012/01/16/making-estimated-tax-payments/#comments Mon, 16 Jan 2012 19:52:15 +0000 CPA Sam http://askcpasam.com/blog/?p=677 Q. I am a 1 person (no employees) sole proprietor.  What would be the best way for me to calculate taxes and make quarterly tax payments (both Fed. and State)? A. This is one of the most common questions I get from self-employed individuals who are just starting out.  Basically, estimated payments in a self-employed [...]

]]> http://askcpasam.com/blog/2012/01/16/making-estimated-tax-payments/feed/ 0 http://askcpasam.com/blog/2011/08/12/medicare-tax-twice-from-payroll/ http://askcpasam.com/blog/2011/08/12/medicare-tax-twice-from-payroll/#comments Fri, 12 Aug 2011 16:05:57 +0000 CPA Sam http://askcpasam.com/blog/?p=667 Q. Because of the economic situation, I now have to work two jobs because  my main job cut my hours.  I have Medicare and Social Security tax coming out of both checks.  Isn’t there a way to stop this tax deduction from one of them? A.  Unfortunately…no.  Medicare withholding is required on all your wages. [...]

]]> http://askcpasam.com/blog/2011/08/12/medicare-tax-twice-from-payroll/feed/ 0 http://askcpasam.com/blog/2011/04/25/the-earned-income-credit/ http://askcpasam.com/blog/2011/04/25/the-earned-income-credit/#comments Mon, 25 Apr 2011 20:14:02 +0000 CPA Sam http://askcpasam.com/blog/?p=655 Q. What is the Earned Income Credit? A. A common question from my tax preparation clients each year is “Why is my refund so big?”  Many of my clients can’t understand that they are getting a refund bigger than the total of the tax they had withheld from their check during the year.  One major [...]

]]> http://askcpasam.com/blog/2011/04/25/the-earned-income-credit/feed/ 0 http://askcpasam.com/blog/2011/03/23/health-care-and-overtime/ http://askcpasam.com/blog/2011/03/23/health-care-and-overtime/#comments Wed, 23 Mar 2011 13:27:23 +0000 vlambert http://askcpasam.com/blog/?p=649 This month’s post from guest blogger, Vicki Lambert: The passage of the Affordable Care Act has certainly generated questions in the payroll community. Will the taxation of health care change? No it is still nontaxable. Will it need to be reported on the Form W-2 anyway? Yes, but not mandatory until 2012. But one question [...]

]]> http://askcpasam.com/blog/2011/03/23/health-care-and-overtime/feed/ 0 http://askcpasam.com/blog/2011/03/18/mortgage-insurance-premium-tax-deductible/ http://askcpasam.com/blog/2011/03/18/mortgage-insurance-premium-tax-deductible/#comments Fri, 18 Mar 2011 14:17:16 +0000 CPA Sam http://askcpasam.com/blog/?p=645 Another great question from one of my readers: “My question is in regards to the Upfront Mortgage Insurance Premium that was charged on my HUD statement (line 905) on the house I closed on in February 2010. Is this amount tax deductible on my taxes in full this year? I have been told a few [...]

]]> http://askcpasam.com/blog/2011/03/18/mortgage-insurance-premium-tax-deductible/feed/ 0 http://askcpasam.com/blog/2011/03/04/which-1040-do-i-use-2/ http://askcpasam.com/blog/2011/03/04/which-1040-do-i-use-2/#comments Fri, 04 Mar 2011 13:07:43 +0000 CPA Sam http://askcpasam.com/blog/?p=642 A great question this week comes from one of my readers.  Which Form 1040 am I supposed to use?  As a professional tax preparer, I always recommend you let a professional handle the complicated task of determining your tax liability.  However, there are people who choose to go it alone with Turbo Tax or another [...]

]]> http://askcpasam.com/blog/2011/03/04/which-1040-do-i-use-2/feed/ 0 http://askcpasam.com/blog/2011/02/07/mandatory-electronic-filing-of-ftds%e2%80%94this-is-a-good-thing/ http://askcpasam.com/blog/2011/02/07/mandatory-electronic-filing-of-ftds%e2%80%94this-is-a-good-thing/#comments Mon, 07 Feb 2011 16:43:34 +0000 vlambert http://askcpasam.com/blog/?p=623 Today’s edition comes from guest blogger, Vickie, Lambert, CPP: Effective January 1, 2011, the IRS adopted the Financial Management Service (FMS) decision to discontinue the system of processing federal tax deposit coupons. In other words, the IRS is no longer allowing businesses to make employment tax deposits with PAPER coupons. For this move I say to the IRS—BRAVO! [...]

]]> http://askcpasam.com/blog/2011/02/07/mandatory-electronic-filing-of-ftds%e2%80%94this-is-a-good-thing/feed/ 0 http://askcpasam.com/blog/2011/01/21/2011-paycheck-changes/ http://askcpasam.com/blog/2011/01/21/2011-paycheck-changes/#comments Fri, 21 Jan 2011 13:37:24 +0000 CPA Sam http://askcpasam.com/blog/?p=620 By now, most employees in the United States have received their first paycheck of 2011.  About the same time the first check is received, payroll departments across the country were deluged with questions about the changes on employee checks.  This edition of the blog should help to clear up some of the confusion regarding a [...]

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