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What are the 3 types of pay and how are they paid?
Three methods employers use to compensate employees include salary, hourly wage and commission. The method you select depends largely on the nature of eac...
Category: General
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What is a lump sum option?
Increasingly, employers are making available to their employees a one-time payment for all or a portion of their pension. This is known as a lump-sum payo...
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How do I record expired prepaid insurance?
Journal Entries As the insurance expires over time, companies debit the expense account of expired insurance and credit prepaid insurance to reduce the ba...
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Do I need to mail my tax return if I eFile?
E-File Mailing Requirements If you e-file your return: If your return is accepted and you signed with a PIN, you’re done. You don’t need to mail anything ...
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Can a sibling collect Social Security benefits?
The Basics About Survivors Benefits You may receive survivors benefits when a family member dies. You and your family could be eligible for benefits based...
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Can family members transfer money?
If you have the recipient’s account number and transit routing number, you can use online banking or an app to transfer money into their account. You migh...
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Are earnings on excess Roth IRA contributions taxable?
In general, if the excess contributions for a year are not withdrawn by the date your return for the year is due (including extensions), you are subject t...
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Is MHN the same as healthnet?
Managed Health Network, LLC (MHN) is a subsidiary of Health Net, Inc. The MHN family of companies includes Managed Health Network (CA), and MHN Services, ...
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Does Michigan and Ohio have a reciprocal tax agreement?
Ohio has reciprocity agreements with Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. Under this agreement, the income earned in these states ...
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Is a joint checking account considered a gift?
Similarly, there is no gift when a newly created joint account is funded by only one of the account holders. “A gift is not income to the recipient and is...
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What kind of trust is a testamentary trust?
A testamentary trust is a trust that is established in accordance with the instructions contained in a last will and testament. A will could have more tha...
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Do you pay taxes on a house sold in a trust?
The proceeds from the sale of a home within an irrevocable trust typically stay within the trust, and the trust itself owes the resulting capital gains ta...
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Is dividend income taxable by state?
Most states tax personal dividend income as ordinary income. Taxpayers in states with no personal income tax (Alaska, Florida, Nevada, South Dakota, Texas...
