Avant Tax, the best tax service provider in Texas, US, and the leading financial counselor in Texas provides our clients with the most beneficial and smart ways of paying the tax and saving maximum out of your tax payments. For each tax-paying individual, out team of experts brings an advanced financial planning solution to be tax-smart..
As per the federal income tax law, each individual has to pay taxes as and when they receive or earn income during anytime of the year. This in simple words is known as pay-as-you-go-tax.
Every earning individual has to pay taxes, mandatorily by regular tax remittance during the year. This includes your income from multiple sources and also includes self-employment income.
Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Payments of SE tax contribute to coverage under the social security system. Social security coverage provides with retirement benefits, disability benefits, survivor benefits, and hospital insurance benefits.
We have to pay SE tax and file Schedule SE (Form 1040) if either of the following applies.
When we have employees, the employer has certain employment tax responsibilities that must be paid and forms to be filed. Employment taxes include the following:
Excise Taxes and forms to be filed if any of the following is done:
The federal excise taxes reported on Form 720, consist of several broad categories of taxes, including the following:
There is federal excise tax on certain trucks, truck tractors, and buses used on public highways. The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more.
Liable for the federal excise tax on wagering, if in the business of accepting wagers or conducting a wagering pool or lottery.
Occupational Tax and Registration Return for Wagering, to register for any wagering activity and to pay the federal occupational tax on wagering.
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