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| Frequently Asked Questions |
| 5733 S. Dale Mabry Hwy Tampa, Florida 33611 |
| Ph: 813-835-0158 Fx: 813-835-0848 Email Us! |
| Free Organizer Available EITC Increased Raised Standard Deduction Education Credits Expanded More New Credits |
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| Can I get a Rapid Refund? |
| We understand wanting to get your refund fast. By taking advantage of our FREE E-filing and having your refund directly deposited into your bank account, you could receive your refund in as little as a couple of days . . . Without paying HIGH Rapid Refund loan fees or interest! |
| I don't have all my tax statements, but would like to know what my refund would be. Can you tell me that? |
| Of course! We offer FREE estimates. If you have your last pay stub and other amounts to be reported, we will gladly give you an estimate of your refund. |
| When will I get my W2? |
| Employers must mail W2 forms no later than January 31st. If you have not received your W2 by February 10th, call your employer or you may call the IRS or visit their site to find out the steps to be taken if your employer proves unresponsive. |
| What taxes are taken out of my paycheck? |
| Employers must withhold social security (also known as FICA), medicare, and federal income tax from every employee paycheck. Social security and medicare are fixed percentages: 6.2% and 1.45% respectively. The amount of federal income tax withheld is determined by the information given on an employee's W-4. (Only the first $106,800 of wages is taxable by social security.) |
| What payroll taxes must employers pay? And when? |
| Employers must pay 7.65% of every employee's earnings to the Federal Government for social security and medicare. These taxes are reported on the 941, which is filed every quarter. The amounts withheld from employee's checks are also reported on this form. Payments for these taxes are made by deposits weekly, bi-weekly, or monthly; or if less than $2,500, paid at the time of filing. Employers must also pay Federal Unemployment, also known as FUTA. This is reported on the 940, which is filed at the end of year. Employers are also responsible for paying State Unemployment, SUTA rates among employers varies. These amounts are reported every quarter on the UCT-6. Employers are taxed for only the first $7000 of every employee's earnings in a year. |
| Why should I file as an S-corp instead of filing a Schedule C? |
| When you report your 1099-MISC earnings on your schedule C, you are responsible for paying not only Federal Income Tax, but will also owe 15.3% of your income in self-employment tax. Filing as an S-Corp can help significantly reduce this tax burden as well as offer a number of additional tax benefits. Talk to us today for more information. And take advantage of our Incorporation Specials! |
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