Split wages and withholdings in a community property state

Going back in its long history, state community property laws were justified by the pragmatic recognition that such joint ownership recognizes the theoretically equal contributions of both spouses to the creation and operation of the family unit, as a basic component of a civil society. Currently there are only nine states which are considered “community …

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Your New Job: Filling Out Your W-4 and State Equivalent

Have you filed your taxes and realized that you received a large refund, or owe a significant amount of money? Before you get upset with your accountant (we’re just the messenger!), it might be worth a look at your withholdings to see if they need to be adjusted. When you start a new job, you …

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Common 403(b) Plan Mistakes

The IRS issued the following listing of recurring mistakes noted in 403(b) plan audits: 1. Failure to be a qualified employer – Only public schools and certain tax-exempt charitable organizations qualify. 2. Failure to properly apply universal availability –This occurs when eligible employees are excluded from participation. 3. Failure to limit employee elective deferrals – The general limit …

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