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Posts Tagged ‘Pension’
3 Reasons I Encouraged My Son to Open a Roth IRA
I recently suggested to my son that he open a Roth IRA. Here are the 3 reasons why.
1) He’s Young
The Roth IRA offers a huge advantage over a regular IRA. This is particularly so for younger people. With the IRA you are (generally) allowed a tax deduction for this. The IRA grows tax deferred. You can … Continue reading »
4 Easy Steps to File Your Income Tax Extension
Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension.
1) Prepare a Tax Projection
Why The New Medicare Tax May Cost You More Money
Current Medicare Tax
Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to the government. A self-employed individual is considered to be both the employer and employee and therefore currently pays 2.9% Medicare Tax.
How to Pay Estimated Income Taxes and Avoid IRS Penalties
Taxpayers must pay their taxes "as they go." For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don't have any withholding, they will need to make estimated tax payments.
5 Reasons Everyone Should Contribute to an IRA
Here are the five reasons everyone should contribute to an IRA.
1) Income Tax Deduction. Many taxpayers who contribute to an IRA will get a tax deduction. Some taxpayers with higher incomes that participate in a retirement plan at work will not be able to get a tax deductible IRA. Taxpayers are allowed to contribute $5,000 annually to an IRA if they have at least that amount of earned income and are under age 70. Taxpayers over age … Continue reading »
