Public Justice and Law
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Business Law

Things You Need to Know About Unemployment Tax Laws

Unemployment taxes are the taxes that employers pay the federal government and the state to fund unemployment compensation benefits to employees who are not working. Employers tax rates are based on the business type that the run.

This means the higher the employment rate goes the higher the tax is going to go for employers. Therefore, as an example let us say there is a medical office with a low turnover rate and a fast food restaurant with a high turnover rate. The fast food place would pay more in unemployment taxes than the medical office.

How Do Federal Unemployment Taxes Work?

Federal unemployment taxes, FUTA Taxes, are what employers pay based on their employees’ wages. Currently, the percentage is 0.6% for the first $7,000 wages annually. However, the maximum amount of federal unemployment tax that an employer would pay for an employee would be $42.

If you are a business, you will be required to pay unemployment taxes if either of the following applies to you:

  • You have paid a wage of $1500 or more during the calendar year, or
  • You had at least one employee for some part of the day for at least twenty weeks.

How Much Are FUTA Taxes?

The current FUTA tax rate is 6.0%. This rate is for the first $7,000 you pay each employer for wages. However, this is the federal rate. The state rate may be different. Usually, you can take a credit for the FUTA taxes that you have paid into state unemployment funds. The credit can be up to 5.4%. You are entitled to, the maximum credit if you paid your state unemployment taxes on time.  However, if you do not pay the full amount then your credit may be decreased.

TurboTax will ask you simple questions and help determine if you need to pay futa tax for employees. TurboTax will also help you prepare and make W2 forms for your employees.

 

 

Bankruptcy

Can Bankruptcy help avoid foreclosure

Bankruptcy is a procedure created by the federal government with the intention to help people, both consumers and businesses, to beat off their debt. You can find various kinds of bankruptcy which can be filed. In certain cases, debts are paid out of the individual or even company’s assets.

In other forms, the debts are reconstructed to facilitate the individual or company repays the debt in a manner that they are able to afford. Often, they are known as liquidations while in other cases they are generally known as reorganizations. In any case, they are a critical, and financially life changing situation that cannot be taken lightly.

Such a bankruptcy is one for companies. It is designed for corporations and partnership. Those who file this will file for a reorganization of the debts they have accrued. You must pay down your debts during a period of time, while all property is kept. Typically, the business is still running and kept up, but debts are restructured to allow them to be repaid in the long run.

Each state defines what property is permitted to keep throughout a bankruptcy but in many instances, it is viewed as a secured debt. When you are in fine standing with the lender, most likely you will have the ability to keep the home in case you keep making payments.

With the most recent bankruptcy laws which have been set in place, it is now not just common but essential for you to hire a foreclosure lawyer to help you all through the process. They can assist you meet timelines and guidelines and they can help you qualify to be a filer , as many individuals are trying to find out they are not eligible due to new laws .

In many cases, bankruptcy is the most effective thing to help avoid foreclosure. Be mindful with it . New laws simply allow you to file bankruptcy in serious situations.

Business Law

Reuben Singh – Alldaypa Phone Answering Service

Reuben Singh is one of the most famous entrepreneurs in the UK. He didn’t really want to continue his father’s business. For that reason, he made an effort to run his own business. He set up a fashion store when he was teen. This store was known as Miss Attitude. This fashion store was not the only small business that he had. Reuben Singh run another company in 1999. It is a phone answering service labeled as Alldaypa. This business is unique and really different from other phone answering services. Alldaypa also provides customer support lines, data storage and IT service, online booking and order verification service.

Alldaypa is quite successful. This company has 275 staffs. Most of them are professional and well trained in providing phone answering service. They can provide great solutions for any phone answering related issues. This service are available nationwide. And those who are living in Britain can use this service. Singh is a fantastic entrepreneur. He can realize success in such a company early years of launch. One of its great successes is that it gains collaboration with T-Mobile.

Starting and establishing AlldayPA was not easy. Singh got some problems early 2000s. In those days, he got financial issues. In additions, he made mistakes that made him to get unfavorable publications. Due to those problems, Singh was driven to lose his other business. But, those problems didn’t make him to sacrifice Alldaypa.

This phone answering service is still running now. This service still gains its success. Alldaypa has gaining more profit. Although there had been the negative publications of Reuben Singh in 2002, this company was not impacted too badly. It is because of Singh’s decision in running this company. This entrepreneur is still fully committed in working on this phone answering service. On his free times, he likes watching movies and usually spends his precious time with his family.

Business Law

The best solution to file a Miller Act Claim

A subcontractor’s desired option for nonpayment is normally a mechanics lien. Mechanics liens accommodate a labor or material supplier to encumber the property in which project was done until getting paid. When not paid, there will be foreclose on the lien and bring about the sale of the property, so the payment due is done from the sale price.

Although this is an effective solution for private projects, laborers and suppliers will not be able to encumber federal property . The Miller Act was done to give another approach for such workers and to cut down the government’s liability in such projects.

The Miller Act means that prime contractors provide performance bonds and payment for government projects over $100, 000. This assures subcontractors have an extra insurance beyond the prime contractor. Subcontractors can certainly file claims on such bonds if they are not paid, typically no matter whether the prime contractor itself was paid.

A formal notice of claim is needed before a subcontractor will file a Miller Act Claim. When a subcontractor have a close relationship with the prime contractor, a notice of bond claim is not required before doing a Miller Act Claim.

For second-tier subcontractors and also material suppliers to first-tier contractors , an official notice of bond claim should be made within 90 days of the of the last date they furnished labor or materials to the project date materials or labor was provided . For both, a Miller Act claim need to be filed within 12 months of the last date material or labor was provided.

Usually there are some procedural difficulties to reduce. When filing a bond claim, a claimant should make sure to file in the area within which the project is situated. Each subcontractor who files a bond claim also needs to provide well-written notice of their claim to the prime contractor.

For the best solution of your Miller Act Claim and lawsuit, it is highly recommended to consult the attorneys at National Lien & Bond. They come with years of experiences with the bond companies to deal with payment disputes easily and they will always be ready to file the proper lawsuits on your behalf.