Tag: taxes

Tax requirements as a freelancer

What is a freelancer? A freelancer can be defined as someone who earns money or is paid on a per-job or per-task basis. This means...

Understanding W-2 vs W-9 Forms: Which Should Your Business Be Using?

The W-2 form and W-9 form are tax documents that apply to different employee category types. Knowing what tax documents to use is essential...

Kiddie Tax

DefinitionThe kiddie tax rule exists in the United States of America and can be found in Internal Revenue Code § 1, which "taxes certain...

Harmonized Sales Tax – HST

DefinitionThe harmonized sales tax is a consumption tax in Canada. It is used in provinces where both the federal goods and services tax and...

Hardship Withdrawal

Hardship Withdrawal What is 'Hardship Withdrawal' An emergency withdrawal from a retirement plan that may be subject to certain tax or account...

Impound

Impound What is 'Impound' An account maintained by mortgage companies to collect amounts such as hazard insurance, property taxes, private mortgage insurance...

Incentive Fee

Definition of an Incentive Fee An incentive fee, also known as a performance fee, is a fee which a client fund may be charged by...

Import Duty

Import Duty What is an 'Import Duty ' Import duty is a tax collected on imports and some exports by the...

National Insurance Contributions (NIC)

National Insurance Contributions (NIC) What is 'National Insurance Contributions - NIC' Payments made by employees and employers into the United Kingdom's National...

Nanny Tax

DefinitionThe combination of payroll taxes withheld from a household employee and the employment taxes paid by their employer are commonly referred to as the...

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