Updated: Aug 21
this is Part Three (3) of Funding 101 and its talks about business and the Taxes and other financial matters @ hand, let look into the Dept. of the Treasury/IRS taxes on YOUR Dependents Child under the Age of 18, also if he or she is a Full Time Student under the age of 25 there tax rate is at the TOP tax rate of the child's parent, per the IRS, the UNEARNED INCOME threshold for '22 is $USD 2,300, up from just $USD 2,200, now the first $USD 1,500 is exempt for being TAXED and from the writing of this Article/POST the NEXT $USD 1,500 is taxed at the 10% rate.
Recognition of YOUR EMPLOYEES is always a PLUS for YOU and YOUR Business for that YOU retain GREAT EMPLOYEES and in the long run YOUR business has successful story to tell when YOUR Bank ask for ASSET of YOUR Business and YOU can point to the simple fact of YOUR EMPLOYEES, who some banks will allow them as ASSET (collateral) if they are under some form of working agreement, otherwise that is a HARD NO to use them as collateral...but back to the order of Employee Recognition when they do a Good to Great job for YOU and the Company they should be rewarded, those that are rewarded WORK harder, those "NOT" rewarded don't...so, REWARDING IS A PLUS it may cost YOU the Business owner(s) such is deductible per the rules of the IRS when rules and regulations are adhere to by YOU.
Now YOU may wish to look into the NU/NEW version of the Solo 401(k) Retirement Plan most of YOUR employees may think he or she qualify this is a very Slippery road to venture on - so being 100% SAFE CONSULT with YOUR Accountant(s) concerning the Solo 401(k) Retirement Plan he or she can and will inform YOU what is and is not allowed by state, as well as federal laws concerning both small and mid-size LGBTQ+ and Minority businesses within and without the State of Colorado. Now, lets say YOU and YOUR employee(s) decide to invest into the Solo 401(k) Retirement Plan for '22, YOU may defer up to $USD 20,500, plus an extra CATCH-UP Contribution of another $USD 6,500 is allowed to those 50 years or older, understand this Solo 401(k) Retirement Plan is NOT any type or form of a FREE ride, so again it would be in YOUR best interest to consult with YOUR accountant(s) on this matter @ hand, period, and/or once YOU become our client @ S&S Funding Company (TM) we will handle that part, in YOURS and YOUR employee(s) BEST INTEREST, at no extra cost to YOU and/or them, such is 100% FREE to them, as long as they are validly employed by YOU and/or is officially RETIRED FROM YOUR EMPLOYMENT.
If YOU need to catch up on Parts One and Two, go to Twitter (R) @funding_ss and READ, as much as YOU like and do what moves YOU.
So, again more to come STAY TUNE for Part Four (4) Funding 101.