Democratic presidential candidate Joe Biden called Wednesday for higher taxes on U.S. companies' foreign income and special tax breaks for domestic manufacturing, appealing to blue-collar workers during a trip to Michigan.
Many things are taking place:
These workers won't be able to opt out of the payroll tax deferral
While private companies decide how to proceed with the payroll tax holiday, one major employer has decided that it's in: the federal government.
President Donald Trump's payroll tax deferral, which he issued via executive order, took effect on Sept. 1.
It's a temporary suspension of the 6.2% tax employees pay toward Social Security, effective until the end of the year, and it applies to individuals who earn no more than $4,000 per bi-weekly pay period.
2020 taxes could be headache for some remote workers | Fox Business
The coronavirus made this tax season a challenging one for both filers and preparers – but ongoing issues related to the pandemic are likely to make next year equally confusing for many individuals.
* * *
One big change is that people, specifically those who have been working remotely, may have to file multiple state income tax returns this year.
Typically, a worker is required to file a return in his or her state of residence as well as where he or she works, if those states are different.
President Donald Trump's payroll tax holiday gets off to slow start in Maryland, elsewhere -
President Donald Trump has authorized a temporary break on some federal taxes deducted from paychecks, but the plan to boost workers' pay during the pandemic is gaining little traction in Maryland and elsewhere.
Under a Trump executive order, workers who earn less than $104,000 qualify for the payroll tax deferral through Dec. 31. In theory, that puts money back in workers' pockets to help stimulate the economy and offer relief from the economic crisis caused by the coronavirus. But workers would need to repay the deferred taxes by the end of April.
Quite a lot has been going on:
YOUR MONEY: For those with an extended deadline for filing taxes, don't be a mark for cyber
Columns share an author's personal perspective and are often based on facts in the newspaper's reporting or from personal experience.
Tax-related identity theft, without question, is on the rise and, in the wake of the novel coronavirus pandemic, cyber criminals are finding new ways to scam businesses and individuals literally every day. With the Oct.
Those who opted for the Oct. 15 filing extension may be under the assumption that they’re off cyber criminals’ radar – an incorrect assumption, to be sure. Businesses and individuals alike remain ripe for the picking during the extension period. Cyber criminals are displaying an increasingly sophisticated knowledge of tax codes and filing practices, making it easier to obtain valuable information to file fraudulent returns.
Despite sales tax dip due to pandemic, Maryland ends budget year in better financial position
Despite the job losses and business restrictions due to the coronavirus pandemic, Maryland's state government finished its most recent budget year in the black.
The state announced Wednesday that for the budget year ended June 30, it took in less money in taxes than it had planned on before the pandemic. But the tax revenue still came in above the amount collected the year before.
Back in May, state officials predicted a dire scenario due to the pandemic, with the state potentially losing about $1 billion in revenue in fiscal 2020 alone, as people lost work and cut their spending.
New Mexico agency seeks opinion on spaceport policies, taxes | KRQE News 13
ALBUQUERQUE, N.M. (AP) — The state’s top economic development officials are asking the New Mexico attorney general to review policies and procedures that govern spending and contracts at Spaceport America as part of an ongoing investigation into the conduct of the spaceport’s chief executive officer.
Balderas confirmed Wednesday that his office will be looking at whether state law requires the New Mexico Spaceport Authority to approve all procurement and requests for proposals and whether tax revenues meant to support the launch facility are limited to specific projects.
Trump administration tax cut for military service members must be repaid in 2021
WASHINGTON — Under a presidential memorandum issued by the Trump administration , tens of thousands of service members and Defense Department civilians will get a tax break beginning this month as part of efforts to boost the economy during the COVID-19 pandemic .
But while these men and women will see larger paychecks for now, they will have to pay all the money back in 2021.
"This will be a huge problem to young military families," retired Army Gen. Barry McCaffrey said. "They will by human nature spend the apparent pay RAISE and then get kicked in the chops when they get several months-worth of DOUBLE withholding."
Happening on Twitter
NEW: As @realDonaldTrump pushes to recreate the circumstances of his 2016 win — complete with the racial strife & f… https://t.co/cMNn3GklEH AndrewFeinberg (from Washington, DC) Wed Sep 09 17:53:04 +0000 2020
Trump pushes misleading claim China is stoking protests to help Biden win election https://t.co/6lgpUhG9FI https://t.co/iOZQRWUIYS CNN Tue Sep 08 06:40:32 +0000 2020
Joe Biden would raise taxes on U.S. companies' foreign operations as part of his "Made in America" push https://t.co/xbJYr71FzS WSJ (from New York, NY) Wed Sep 09 16:15:09 +0000 2020
No comments:
Post a Comment