http://askcpasam.com/blog Making Payroll, Tax, Finance, Accounting Understandable Mon, 16 Jan 2012 19:52:15 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 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/2011/01/21/2011-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 [...]

]]> http://askcpasam.com/blog/2011/01/21/2011-paycheck-changes/feed/ 0 http://askcpasam.com/blog/2010/07/14/social-security-tax-on-everything/ http://askcpasam.com/blog/2010/07/14/social-security-tax-on-everything/#comments Wed, 14 Jul 2010 13:57:06 +0000 CPA Sam http://askcpasam.com/blog/?p=522 Q.  I have a full-time and a part-time job with different companies.  My employers are both taking out Social Security tax.  Is this correct? A. Good Question! There are several common misconceptions about Social Security withholding from a paycheck. This is probably one of the biggest. The answer is….a resounding YES!!! Each employer of record [...]

]]> http://askcpasam.com/blog/2010/07/14/social-security-tax-on-everything/feed/ 1 http://askcpasam.com/blog/2010/06/25/teacher-gifts-from-students/ http://askcpasam.com/blog/2010/06/25/teacher-gifts-from-students/#comments Fri, 25 Jun 2010 14:38:45 +0000 CPA Sam http://askcpasam.com/blog/?p=523 Q. My question is: I work for a school. Sometimes parents gift money or gift cards at holiday time or for an appreciation event. Are these taxable. How about gift cards from a school committee (holiday drawing etc.) Even a child will offer a dollar in a card. If they are I am really upset. [...]

]]> http://askcpasam.com/blog/2010/06/25/teacher-gifts-from-students/feed/ 0 http://askcpasam.com/blog/2010/06/18/sole-proprietor-on-payroll/ http://askcpasam.com/blog/2010/06/18/sole-proprietor-on-payroll/#comments Fri, 18 Jun 2010 14:01:21 +0000 CPA Sam http://askcpasam.com/blog/?p=512 A good question today for discussion: “My husband is self-employed with no other employees.  I generate his paychecks.  This year, he has been doing a few jobs outside of our county; therefore, the local tax amounts vary from county to county.  The payroll program I use is a very basic program so there are not a lot of [...]

]]> http://askcpasam.com/blog/2010/06/18/sole-proprietor-on-payroll/feed/ 0 http://askcpasam.com/blog/2010/01/29/what-are-these-taxes/ http://askcpasam.com/blog/2010/01/29/what-are-these-taxes/#comments Fri, 29 Jan 2010 13:36:28 +0000 CPA Sam http://askcpasam.com/blog/?p=458 Q. I just started as a temp through an agency.  I work full-time and just received my first paycheck.  I want to ask about the OASDI and the NY 2010-NYCNY withholdings.  I was taxed heavily for the OASDI.  What is the NYCNY withholding? Most importantly, I wanted to ask you is there any way to [...]

]]> http://askcpasam.com/blog/2010/01/29/what-are-these-taxes/feed/ 0 http://askcpasam.com/blog/2009/09/23/bonus-to-me-or-the-irs/ http://askcpasam.com/blog/2009/09/23/bonus-to-me-or-the-irs/#comments Wed, 23 Sep 2009 14:08:31 +0000 CPA Sam http://askcpasam.com/blog/?p=401 Q. I just got a bonus from my company and noticed the taxes were way higher than my normal tax bracket.  What is going on?  I live in California. A. I have good news and bad news for you.  The bad news is, the calculation is probably correct.  You did not supply any numbers with [...]

]]> http://askcpasam.com/blog/2009/09/23/bonus-to-me-or-the-irs/feed/ 0 http://askcpasam.com/blog/2009/06/03/w4math/ http://askcpasam.com/blog/2009/06/03/w4math/#comments Wed, 03 Jun 2009 16:34:52 +0000 CPA Sam http://askcpasam.com/blog/?p=335 Q. First, please explain the notes on line G of the W4 that talks about what to put on the form for children using different income levels. Secondly, I claimed 8 allowances last year and there were no taxes taken out of my check.  This year when I complete the form it shows 9 or [...]

]]> http://askcpasam.com/blog/2009/06/03/w4math/feed/ 0 http://askcpasam.com/blog/2009/03/25/making-work-pay/ http://askcpasam.com/blog/2009/03/25/making-work-pay/#comments Wed, 25 Mar 2009 13:51:10 +0000 CPA Sam http://askcpasam.com/blog/?p=299 Q. My paycheck increased this week for some reason.  My payroll department says it is because of the Stimulus package that was just passed.  They can’t find any details.  What changed? A. This was supposed to be so easy.  Congress passed legislation giving single individuals a $400 credit for the year and married folks $800 [...]

]]> http://askcpasam.com/blog/2009/03/25/making-work-pay/feed/ 2 http://askcpasam.com/blog/2009/02/25/is-it-an-employee-or-not/ http://askcpasam.com/blog/2009/02/25/is-it-an-employee-or-not/#comments Wed, 25 Feb 2009 14:30:34 +0000 CPA Sam http://askcpasam.com/blog/?p=281 Q. I am thinking of hiring someone and would like to know if there is any benefit to me if I pay the employee’s taxes.  For example is my payment of the employees local and/or federal taxes am I allowed to deduct any of these on my own tax returns.  I would also like to [...]

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