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Social Security
How is FICA Different Than Federal Income Tax?
When examining the taxes deducted from your paycheck, two key types often appear: FICA (Federal Insurance Contributions Act) tax and federal income tax. While both are crucial for funding government programs, they serve different purposes and are calculated in distinct…
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Business
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Business
How Are Unrealized Receivables Treated When Admitting New Partners?
Unrealized receivables pose a unique challenge when a new partner joins a partnership. These receivables,…
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Property Taxes
Does a Gift Have to Take Place for GSTT to Apply?
GSTT does not necessarily require a physical gift to occur; it applies broadly to generation-skipping transfers, which may include direct gifts, trust distributions, or transfers at death. Understanding GSTT is essential for estate planning and compliance, as this tax is…
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Calculator
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Paycheck Calculator
New Mexico Paycheck Calculator 2024 - 2025
The question “How much is taken out of paycheck in New Mexico?” depends on several factors. These include the number of employees, the frequency of their payments, and how much tax they pay. Also, you need to factor in deductions…
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