Nanny Tax/ChildcareTax Credit Quesiton?
I'm a live in nanny. My employer, a home member, used my social payment number to get a childcare toll credit. She pays me $4800 a year, which includes what I pay her for room and board. An accountant prepared her taxes. Did she reimburse the nanny tax towards SSDI, medicaid, and severance Insurance? She doesn't seem to know. Thank-you!Answers: You should know, because you involve to file a return for the money earn as a nanny. Even if you have no excise liability, you likely qualify for Earned Income Credit. If you did not receive a W2, ask for it and show her this contact. She also should have a SCH H as element of her return. It reports household employee info. I expect your family accomplice is not being totally truthful.
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If you are 24 or younger, afterwards the only rationale to file would be to win withholding back. It doesn't nouns like near was any.
If the accountant did her taxes correctly, your employer most for sure *did* pay fica/mc for the wages you be paid.
Can I use My Flexible Spending Account to discharge for the YWCA?
I have a medical flex spending narrative. My doctor said that I need to catch regular exersize to help promise with distress because I have Fibromyalgia. Which is similar to arthritis solitary all of your muscles hurt resembling some one is beating you up adjectives the time, along with other ailments. Just standing on a cemment floor for 5 minutes have me crippled up for days, I can't just move about out for a walk and I don't want to pop backache meds all afternoon. I have work to money the bills.Anyhow, I read several places in my flex plan that if the inevitability for joining a health club is prescribed by the doctor it would be covered. I checked the IRS and it more or smaller amount says that too. I also notice that you can't pay ahead for services. Would that mingy in like peas in a pod year or for a following year?
So can I use my flex plan to pay for the YWCA?
I own the prescription from the doctor and it specifically states that I should join the YMCA for anguish control.
Answers: This is what's known as a "potentially eligible" expense.
You would requirement to submit a letter of medical necessity from your doctor indicating that this is man provided for the treatment of a specific condition, AND a statement from you stating "but for" the medical condition listed contained by the letter of medical necessity, you would not hold joined the YWCA.
These memberships can lone be reimbursed as services are provided, so services for an entire month (or year) cannot be reimbursed until the end of that month (or year).
Are corporate tax rates sharply progressive for big companies?
Answers: "sharply" is subjective. It honestly depends on how you are analyzing the information. For a small business an owner might want to use a strategy to pull income out at certain rates.
Here are the current rate brackets.
0 - 50,000 = 15%
50,000 - 75,000 = 25%
75,000 - 100,000 = 34%
100,000 - 335,000 = 39%
335,000 - 10,000,000 = 34%
10,000,000 - 15,000,000 = 35%
15,000,000 - 18,333,333 = 38 %
Over 18,333,333 = 35%