New Jersey has a reputation for having high taxes, and there are several reasons for this. One reason is that the state has a large population and a relatively small land area, which means that it has to raise more revenue per square mile to fund its public services. Another reason is that New Jersey … Read more
The Child Tax Credit (CTC) is a tax credit that helps families with the cost of raising children. In July 2021, the CTC was expanded and made fully refundable, meaning that families who don’t owe any taxes can still receive the full amount of the credit. The CTC is paid in monthly installments from July … Read more
An individual is a natural person who is not a company or other legal entity. Individuals are subject to income tax on their worldwide income, regardless of where they reside. The amount of tax they owe is calculated based on their taxable income, which is their total income minus certain deductions and exemptions. Individuals can … Read more
The time it takes to receive your tax refund after the Internal Revenue Service (IRS) accepts it varies. Generally, most refunds are issued within 21 days of the IRS accepting your return. However, there are several factors that can affect the processing time, including the method you used to file, the complexity of your return, … Read more
Insurance demurrage refers to a delay or detention of a vessel covered under a marine insurance policy. This delay can occur during loading, unloading, or sailing, and it may be the result of various factors, such as adverse weather conditions, strikes, or mechanical problems. Under an insurance demurrage clause, the insurer agrees to compensate the … Read more
Upon the termination of an employee’s Flexible Spending Account (FSA), the employer has the option to distribute the remaining forfeited funds. They can choose to credit the balance to the employee’s paycheck for their reimbursement, allocate them towards another qualified benefit plan like an HRA (Health Reimbursement Arrangement), or contribute them to a general or … Read more
The construction of the first transcontinental railroad in the United States was a massive undertaking that required significant financial investment. The project was primarily funded through a combination of government bonds and land grants. The government issued bonds to raise capital, which was then used to purchase materials, equipment, and pay workers. Additionally, the government … Read more
Bonuses are considered income and, like all income, are subject to federal income tax. The amount of tax withheld from a bonus depends on factors such as the employee’s tax bracket, withholding allowances, and state tax laws. In some cases, bonuses may be taxed at a higher rate, particularly if they are considered a performance-based … Read more
Withdrawing funds from Uphold can take varying amounts of time depending on the withdrawal method chosen. Crypto withdrawals typically process within minutes, while bank transfers may take a few business days to complete. Debit card withdrawals often take a couple of hours to process. Keep in mind that additional processing time may be required for … Read more
Interest paid on underpayment of state taxes may be deductible on your federal income tax return. However, the deduction is limited to the amount of interest paid on taxes from a tax return that you filed before the due date, including extensions. Additionally, interest paid on late payments of estimated taxes and interest related to … Read more