The April 15th tax deadline is coming up fast, but there's still plenty of time to get your documents in order and avoid the costly penalties that can come from procrastination. Hal Surratt CPA, a tax accounting expert serving the High Point, NC area, offers some last-minute tax preparation tips. To minimize your tax liability, prevent mistakes, and increase your refund, Hal Surratt CPA recommends: Staying Organized: Gather all of your relevant income statements, like W-2s and 1099s, as well as receipts for any tax deductible expenditures, like job search expenses, business expenses, and charitable contributions. E-File With Direct Deposit: When you file your returns online, the IRS will process your refund more quickly. When you have your return directly deposited, you'll receive your refund within 3 weeks.…
It is difficult to make your income based off of minimun wage. When you are a server you're inquired to make 16.6% of the total cost of your tables bill. Not every customer tips like they should or even leave money at all, if you don not like the possibility of that, you should not become a server. Waffle Now servers are justifying that they should be payed more than minimun wage and their tips, I dont think they understand what that could do to a restaurant buisness.…
It is said having a salary cap in the NFL creates a competitive balance but there is no evidence to suggest that it does. Weather it does or does not is solely the opinion of the individual. Players’ salaries are the largest operating cost component for teams so the cap limits the organization on how much can be spent on an individual player. The salary cap creates a competitive balance by not forming a monopoly effect within the league. Making sure that a single organization does not own nearly all of the market.…
Air Force Jobs The three jobs that I am interested in going into Air Force are Contracting, Cyber Surety, and Cyber System Operations. All three jobs are in the "General" area and all require pretty high scores with both Cyber Surety and Cyber System Operations requiring a general score of 62 while Contracting requires a general score of 72. All three jobs require at least 7.5 weeks of basic training including airmen's week and a high school diploma. You must also be between the ages of 17 and 39.…
The IRS requires that individuals and businesses must sign a federal tax return in order to register with the IRS and obtain a PTIN (Preparer tax identification number). Anyone who prepares or assists federal tax returns must have a valid 2015 PTIN. You would also need to successfully complete tests for all paid tax return unless you are a CPA, attorney, or enrolled agents. Any tax return who engage in unethical conduct would be suspended by the IRS. If you are trying to renew a PTIN, you would need to complete an online renewal application where you verify your information and answer a few questions.…
Servers should be paid the higher federal minimus wage for non-tipped employees. Servers income is so low they also depend on tips to make a living. According to a researcher at Cornell University, servers increase up to 1.5% of tips more than the bill amount even if they provide the best service. This is doesn't sound like a big problem, until you consider how many tips a server might make on a slow day or if the customers decide to not tip at all. This affects if these workers have enough for their groceries, bills, and other expenses.…
First, the effects of the 1986 Tax Reform were fleeting; the majority of regulations imposed were later repealed at the behest of lobbyists and interest groups. These policy reversals show that even though legislators initially broke ranks in favor of the people, the power of interest groups and parties ultimately compelled congressmen to bat for their bankrollers. The day after Reagan signed the Tax Reform Act of 1986, the Wall Street Journal said, “The battle to get tax reform is over; the battle to keep it is just beginning…enjoy it while you can. Congress will be back on Jan. 6, and the movement to take away tax reform will start” (Chamberlin). It was apparent to the beltway denizen that this bipartisanship was unrepeatable and evanescent.…
The battle to get $15 minimum wage is growing faster and stronger all over America. There many debates over how $15 minimum wage is going to affect the economy, as well as how it already has in some areas that have $15 minimum wage. Many rallies have appeared all over the cities of America to fight for $15 minimum wage, many of those people are low paid workers such as fast food workers, dishwashers and many others. But not everyone is supporting this idea such as companies for clear reasons. Many places aren’t prepared for $15 minimum wage and are better off without it.…
How to save money for your retirement without a 401k There are alternatives to a 401k that has tax advantages. When considering saving for retirement, most people will receive the advice to acquire a 401k. But many individuals do not have access to a 401k through their workplace. The statistics for those that do not have access is around 31% of the workforce.…
Tax is a compulsory contribution to state revenue, levied by the government on worker’s income and business profits or added to the cost of some goods, services, and transactions (Oxford Dictionary). The federal income Tax system is now at a center of public debate. To illustrate, The United States is currently practicing progressive tax system, which means a person who earns higher income pays higher tax rate. Whereas another income tax system is call flat tax, which is a tax system with a constant marginal rate in which all taxpayers are taxed at the same rate with no regard of the total income earned. Supporters for flat tax believe that flat tax is simple, fair, and good for the growth of the economy.…
The purpose of minimum wage is to establish a livable wage so that workers are able to get by. It was created to keep American workers out of poverty and increase their standard of living. Minimum wage allows workers who are working low paying jobs to have enough money to provide for themselves and their family. Before there was a minimum wage, American workers were being severely underpaid and could barely afford to take care of themselves. Establishing a minimum wage ensured that workers would not be underpaid and live in poverty.…
Overall the increase in minimum wage will hurt young people more than anything, because we are the ones that are depending on finding a job with little to no experience. After all we do have to pay for books and gas etc. In order to be able to succeed through college and have a successful life and for some people they pay out of pocket for college and for people that do get financial aid if their parents income rises they will no longer be able to receive financial aid or work as a work study on their college campus. Which will cause a lot of students to drop out because even though their parents income increases doesn’t mean that they can afford to pay out of pocket for books and other things that they need for school. So overall increasing…
The minimum wage is $7.25 in USA. Since 1938, when the minimum wage was first introduced (at a rate of $0.25 an hour), the federal minimum wage has increased 22 times. The minimum wage is the salary floor, or the lowest possible rate that employers can pay employees. Many people argue that it should be raised to at least $13. There are many different reasons why the minimum wage should not be raised.…
Advocates of the new wage labor system felt that with the market revolution, the right to compete for economic advancement was considered essential to American freedom. Expanding commercial life opened doors for bankers and merchants and created a new middle class of clerks, accountants, and other professionals, such as teachers, doctors, and lawyers. Enterprising Americans could quickly find prosperity by taking advantage of opportunities that existed in the new economy. Success could be achieved through hard work and intelligence and not hereditary privilege or government favoritism, as had been the case in Europe. Inspiration was found in stories of men like John Jacob Astor, the son of a poor German immigrant who became the richest man…
Introduction In this reflection, I will focus on some important topics such as, what I learned about individual and business taxation from this course, what was my experience with the group project and what were the challenges that I faced during both the group project and this course. I am also going to add some main overall points that I learned. Tax is generally an amount of money that is charged by a government on a product, income, or activity so that it can pay for public services. In addition, there are several very common types of taxes: • Income Tax (a percentage of individual or corporate earnings filed to the government) • Sales Tax (taxes charged on certain goods and services) • Property Tax (taxes charged on the value of land…