What is FICA (Federal Insurance Contributions Act)?
This comprehensive guide explains FICA taxes, covering their history, how they work for employers and employees, tax rates and limits for 2024, self-employment taxes (SECA), common mistakes to avoid, and answers to frequently asked questions.
W-2 vs. Pay Stub: Why Don’t They Match?
It’s tax season, and you’re ready to file. You gather your documents, including your last pay stub and your W-2, but something doesn’t seem right. Why is the taxable income on your W-2 higher than the year-to-date earnings on your pay stub? Don’t worry, this is a common question we hear at XOA TAX. Let’s […]
Claiming Exempt on Your W-4? What You Should Know to Avoid Tax Penalties
At XOA TAX, we often get questions about W-4s, especially the “exempt” status. It sounds pretty great, right? No taxes withheld from your paycheck! However, claiming exempt when you shouldn’t can lead to some unpleasant surprises come tax time. Let’s break down what it really means to be exempt and how to avoid making a […]
Payroll Tax Mistakes That Can Cost You: A Guide to Staying Compliant
Payroll taxes are a critical responsibility for businesses of all sizes. However, the complexities of regulations, deadlines, and potential penalties can be challenging to navigate. Failing to manage payroll taxes correctly can result in penalties, interest, and even personal liability for business owners. In this blog post, we’ll explore common payroll tax pitfalls and provide […]
Understanding Your Paycheck: Tips, Deductions, and Your Rights
Have you ever taken a close look at your paycheck and wondered if something was off, especially when it comes to your hard-earned tips? If you work in the food and beverage industry, these concerns might be all too familiar. Understanding how tips are taxed and reported can be confusing, and unfortunately, some employers might […]
Payroll Tax in California: A In-Depth Guide for Small Businesses in 2024
Navigating the world of payroll tax can feel overwhelming for small business owners in California. With a complex web of federal and state regulations, it’s easy to get lost in the details. But fear not! This comprehensive guide will equip you with the knowledge and resources you need to confidently manage your payroll tax obligations […]
