Long-Term Care policies, designed to cover expenses associated with chronic illnesses or disabilities, offer tax-free benefits. These benefits are not subject to federal income tax, and in some cases, state income tax as well. In contrast, Accelerated Death Benefits, which provide a lump sum payment when a policyholder is terminally ill, are generally considered taxable … Read more
Property taxes are typically assessed on the value of your home and land. In some areas, Mello-Roos taxes are also included in property taxes. Mello-Roos taxes are special assessments that are levied to pay for certain public improvements, such as roads, parks, or schools. These taxes are typically used to finance new development and are … Read more
An ad valorem tax levy is a type of property tax assessed as a percentage of the assessed value of the property. This tax is commonly used by local governments to fund public services such as schools, fire departments, and road maintenance. The assessed value of a property is typically determined by a local assessor … Read more
The person or organization responsible for withholding tax varies depending on the specific circumstances and location. In general, employers are responsible for withholding income tax, social security tax, and Medicare tax from employees’ wages. Self-employed individuals are responsible for calculating and paying their own withholding taxes. Entities such as banks or brokerage firms may also … Read more
Whether or not stockholders have to pay taxes on their stock holdings depends on several factors, such as the type of stock, the timing of the sale, and the tax laws in the relevant jurisdiction. In general, stockholders must pay taxes on any profits they make from the sale of their stock. However, there are … Read more
Apraxia and ataxia are two different conditions that can affect movement and coordination. Apraxia is a neurological disorder that affects the ability to plan and execute purposeful movements, even though the muscles and nerves are functioning normally. It can affect a person’s ability to perform everyday activities such as eating, dressing, and writing. Ataxia, on … Read more
Australian Defence personnel are subject to taxation just like other Australian citizens and residents. This includes both income tax and other taxes, such as the goods and services tax (GST). However, there are some specific rules and exemptions that apply to ADF personnel in relation to taxation. For example, ADF personnel who are deployed overseas … Read more
FICA (Federal Insurance Contributions Act) taxes are a combination of employee and employer payroll taxes that fund Social Security and Medicare. Understanding who is responsible for paying these taxes is crucial for both employers and employees. **Employer Responsibilities:** Employers are primarily responsible for withholding and paying FICA taxes from employees’ wages. This includes both the … Read more
Medicare Part B is a type of medical insurance that helps cover the cost of certain medical services, such as doctor visits, outpatient care, and durable medical equipment. The premiums for Medicare Part B are typically deducted from your Social Security benefits. However, if you do not receive Social Security benefits, or if your Social … Read more
Whether or not snowcones are taxable depends on factors such as the location and the type of snowcone being sold. In some areas, snowcones are considered a food item and are therefore subject to sales tax. In other areas, snowcones may be exempt from sales tax if they are considered a beverage. Additionally, some states … Read more