Money Talk

SEPTEMBER 30, 2022

Full disclosure: this blog post is written from a place of privilege for older adults with higher-than-average incomes and/or assets. Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. The key is to enact strategies to reduce your modified adjusted gross income (MAGI).

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401(k) Taxes Pension Deductions 244

Money Talk

MAY 18, 2022

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. In an earlier blog post , I described 12 tax planning topics for 2022. Also consider some savings in taxable and/or tax-free accounts so you have tax diversification (i.e.,

Taxes 262

Taxes 401(k) Deductions Deductible 262

Money Talk

JULY 13, 2022

I recently wrote a blog post about doing a mid-year financial check-up in early July so you have six months to work on planned action steps. Also be sure to adjust tax withholding for RMD withdrawals using quarterly estimated tax payments to the IRS or tax withholding by the retirement plan custodian.

Taxes 246

Taxes Retirement Plan Finance Consulting 246

Qandle

DECEMBER 16, 2023

Key Components of Payroll Processing: Gross Pay: The total amount of money earned by an employee before deductions. Net Pay: The amount employees receive after all deductions are subtracted from their gross pay. Calculating Gross Pay: Multiplying hours worked by the hourly rate or using a fixed salary.

Payroll 106

Payroll Payroll Software Payroll System Gross Pay 106

Qandle

NOVEMBER 27, 2023

Employers must accurately calculate and withhold taxes from employee paychecks, including income tax, social security, and Medicare. Properly accounting for these benefits is vital for both legal compliance and maintaining employee satisfaction. Tax compliance is a significant aspect of payroll management.

Payroll Manager 98

Payroll Manager Payroll Gross Pay Payroll Software 98

HR Bartender

SEPTEMBER 14, 2017

When I showed the company, they changed my pay stub to include a $56 allowance/week for fuel, which is being taxed as part of my income. The information we’re covering is for general informational purposes only and does not constitute legal advice, tax advice, accounting services, or professional consulting of any kind.

Deductions 102

Deductions Deductible Taxes Consulting 102

Business Management Daily

OCTOBER 5, 2021

These reimbursements may also be excluded from their income for tax purposes. In Notice 2021-31 , the IRS said the COBRA subsidy must be included in income. In whose income must we include this subsidy—the employee’s or the company’s? The IRS was referring to the employer’s income. Then she said she really moved in May.

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Payroll Overtime Taxes Deductions 52