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Tax Information for Employees

Filing Your Taxes
Everything you need to file your individual federal income tax return.

Get A Transcript
You can get a transcript to view your tax account transactions or line-by-line tax return information for a specific tax year.

Tax Withholding
The federal income tax is a pay-as-you-go tax. There are two ways to pay as you go. If you are an employee, your employer probably withholds income tax from your pay. The amount withheld is paid to the IRS in your name. Estimated tax is used to pay not only income tax, but self-employment tax and alternative minimum tax as well.

EITC Home Page–It’s easier than ever to find out if you qualify for EITC
If you worked but earned less than $52,427 during 2014, you may qualify for EITC. The Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. You must file a return and claim the credit to receive it. Find out more about EITC and links to helpful tools and resources.

Employee Business Expenses
If you are an employee, you may be able to deduct your work-related expenses as an itemized deduction (subject to limitations)

Reporting Tip Income
All tips you receive are income and are subject to federal income tax. Read the official IRS publication with all the rules and information on record keeping and reporting your tips.

Determination of Worker Status
Firms and workers file 0811 Form SS-8 to request a determination of the status of a worker for purposes of federal employment taxes.

Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.

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