To be a contractor in Utah is to be treated as if you were running your own company. As such, you must shoulder the financial burden of paying taxes, maintaining insurance, and funding other operational costs for your company. Before beginning work, you will also need to get a contractor license from the state. But … Read more
A tax trust penalty is a sanction from the IRS for not remitting the employee’s fund entrusted to your care. As an employer, the IRS requires you to withhold a part of your employee’s wages to pay income taxes, Social Security, and Medicare taxes. You get penalized by the IRS if you withhold income tax, … Read more
What is the head of household filing status? The head of household filing status permits parents or other adults who pay more than half of the cost of upkeep of a home for a qualified individual to a bigger standard deduction and lower tax rates than single taxpayers or those who are married but filing … Read more