Month: June 2020

The Internal Revenue Service has moved the tax filing and tax payment deadline to July 15. This is for easing the financial burden of the taxpayers caused by the coronavirus crisis. With the tax filing deadline postponed, taxpayers have three months in extra to file their tax returns. For this to take effect, taxpayers don’t…

Wage and Tax Statement, Form W-2 reports income, Social Security, and Medicare taxes withheld from the employee’s salary. It also reports wage, salary, and other compensation paid to the employee. The employee will then use Form W-2 to file a federal income tax return. Because of this, employees count on their W-2 to file a…

Form 1099-MISC is used for reporting miscellaneous income paid non-employees such as contractors. If you hired a contractor to do some work for you in your business, you are required to furnish them with a Form 1099-MISC—the same way as furnishing employees with Form W-2, Wage and Tax Statement. Both Forms 1099 and W-2 report…