The Best Informaiton on personal financial planning-
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The Ins and Outs of Federal Payroll Taxes
Did you know that if you own a company and you hire employees for that company that you have to pay federal payroll taxes? Yep, it’s true. This is something that your company has to do. In fact, the Internal Revenue Service is very picky about how they receive the money. If you make a miscalculation and send the wrong amount of money, you may end up seeing fees that rich into the thousands or even into the millions depending on the error. It’s very important to get these federal payroll taxes right so that you don’t have any problems.
There are several things that you should do so that you get this right. First of all, whenever you hire a new employee, you need them to fill out a W-4 form. This form will ask certain questions that will then affect how much money you withhold from their paycheck for taxes. For example, it asks whether they are married and how many dependants they have. Dependants are children and other people that depend on you for living expenses and care. All of these factors affect how much is taken out of the paycheck. Make sure that your employees know this and those they know that they should be filling out the form truthfully.
As an employer, you are responsible for some of the federal payroll taxes. In addition to taking out money from each of your employees’ paychecks, you also need to put in money of your own as well. For example, you will need to pay half of the FICA taxes. FICA is the social security and Medicare taxes. You are supposed to split these federal payroll taxes with the employee. Remember this so that you have a fund send up to save for this kind of money. This will help you pay it when the time comes.
If you get this stuff right, then you shouldn’t have anything to worry about. Make sure that you use an accountant who knows a lot about federal payroll taxes. Although you, as the head of a company, can learn a lot about it on your own, it’s better to get the help of someone with an education on the subject. After all, this is their job. Make sure that you get an accountant who can do it well. Then you can collect the federal taxes from your employees and foot in your share so that everything is done correctly.
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The Importance of Financial Planning for Social Development Services
Social development refers to the establishment of social infrastructures to eradicate poverty in third world countries. In many Asian, African and South American countries, social development encompasses the areas of health care, education and social health. It goes without saying that the implementation of social development services requires massive amounts of money. This is where financial planning for social development services becomes crucial to a successful social development program.
While the World Bank, UN, NGOs and NPOs do their part in providing financial assistance to the developing countries to aid the process of social development, it is up to the governments to ensure that the funds are appropriated well. Without a concrete plan where there is strong vision and sound financial planning for social development services, most of the funds will go into the wrong pockets, thus, robbing the people of their benefits. There must be solid leadership at the top of the social development department. A system of transparent accountability of the flow of funds and its impact on social development must be put in place to ensure the money goes to the right places. It’s a well known fact that corruption is rampant in most third world countries. Sound financial planning for social development services is integral to the success of the programs.
Another concern for developing countries is the escalation of population. This creates more pressure on the social development services as the need to meet the basic needs of the people mounts with each passing day. In some extremely poor countries in Africa, health concerns are extremely urgent. Vaccinations for newborns have to be given out by the governments. Schools have to be built and teachers have to be trained. Some villages don’t even have proper basic supply of clean drinking water. Diseases are of epidemic dimensions. A lot of money is needed to take care of these problems. Without good financial planning for social development services, the problems will only get worse.
Perhaps, it’s best that the social development departments of these countries take seriously the importance of financial planning. The people who handle the finances of the development programs must be skilled and knowledgeable about the different tools of financial planning so proper investments of funds can be made to grow the funds. Expenses have to be covered by profits derived from smart investment. Financial planning for social development services may be as important if not more important than the programs itself. What’s the use of pouring millions of dollars into the programs if there are no returns? It’s just digging the same hole without any directions. Proper planning of resources will ensure that there’s water in the well.
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Learn the Schemes of Financial Planning for Seniors
Entering the twilight years of a person's life usually means that he or she has to retire. However, these days, due to the developments in health and science, we see people working beyond what used to be the years when they should settle down to a more relaxed lifestyle. This has given rise to the need for financial planning for seniors and the opportunity for these active people to prepare for their retirement at a later date. The creation of schemes that cover financial planning for seniors is indeed a welcome development for those who wish to have the best of what they worked so hard for when they do decide to lay back and relax. This development is one kind of scheme that late retirees can be happy with.
Financial Planning at a Later Age
People used to believe that if you do not exact or execute a financial plan at an early age or at the start of your career, you will essentially lose out on what could be a cushy life that can be lived on the investments you made while you were younger. While this may be true to some extent, the creation of the financial planning for seniors schemes has given older people a new lease on the kind of comfortable lifestyle they will want to have when the time comes. The possibilities for being able to have more than enough money when the time comes for retiring is still there with these financial planning for seniors schemes that financial advisors have come up with.
Consult With a Financial Advisor
While you can still create a good retirement for yourself with a financial planning for seniors scheme, you will need to consult with a certified financial advisor or planner regarding the options you have, which will work best for you and your situation and all the other pertinent concerns you may have. The money you will be investing in your financial plans for your retirement is your hard earned money and if you do not invest it wisely at this late stage of your life, there may be little left for you to do. Making sure that your hard earned cash is well invested in a good financial plan that you can rely on when the time comes will make your coming retirement the kind of retirement you should be entitled to.
The creation of the financial planning for seniors scheme is indeed something that older people can take advantage of for those years when the miracles of science can no longer help them do the work they want to do.
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Real Estate Live (Washington Post)
Mon, 01 Oct 2007 20:04:15 GMT
Maryann Haggerty and Elizabeth Razzi discuss The Post's recent coverage on the local housing market and property values.
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