Posts by George Foster7
5 posts shown.
Seeking some guidance here.... We recently picked up a used van to handle passenger transport for our lodging business .... It was purchased from a company based in Germany with a valid VAT ID, and we are also registered for VAT. The invoice is for $8,000. I need to report this for the fourth quarter, but I’m stuck waiting on Customs to finalize the excise tax calculation... I'm unsure how to file; should I enter the $8,000 into the system under input tax and liability using the exchange rate from the invoice date, or do I increase the tax base by the amount of the excise tax?......
When I'm booking an invoice for services received from the European Union, there's a 25% reverse charge liability... the service itself is 15 EUR, plus a 20 € reminder fee and 0.26 in interest on arrears, but does that total 20.26 fall under non-taxable items??
Fine, excellent... My paycheck for this month should process without any hitches, assuming my 401(k) contribution is zero since everything went straight into the first one last time...
George Foster7;55712948 said:Requesting assistance regarding an error in our payroll tax filing for one employee. We incorrectly processed only the first tier at 20%, whereas we should have split it into the initial 15% tier and the secondary 5% tier. We amended the forms following an IRS notice, but the actual payment remains stuck at the single 20% tier ($262 instead of the required $589.51 for Tier 1 and $196.51 for Tier 2).
My process is as follows: I select the non-linked payment of $786.02
Request type under section 3: Change in income type
Income type: 2283 Secondary Tier Social Security Contribution
Then, a window appears, similar to the attachment
Request type - 3 Interest Settlement - Not a Refund - Not... Reference number for approval to which the payment should be applied 2283-SSN-EmployerID... Amount $196.51
How am I supposed to confirm this?
What comes next?🙏🙏 It feels as though nothing has changed. I am unfamiliar with this software application. How can I confirm if everything is correct?
I am curious about the implications if someone terminates their employment with one employer on September 30th and starts with a new one on October 1st. Essentially, are there any downsides to making such a transition? For instance, would this impact their Social Security benefits or anything of that nature?