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Re: American, US Based, And US Aspirant Derailer Thread by Holocene(m): 3:54pm On Aug 19, 2018 |
stonemasonn:Well that's the reality when you work for a major conglomerate. I could have showed you my paycheck to see what I'm talking about. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Babyvet: 4:21pm On Aug 19, 2018 |
If you an hourly employee, don't work too many hours at one job because uncle Sam will chop your check through taxes. |
Re: American, US Based, And US Aspirant Derailer Thread by hammed71(m): 6:04pm On Aug 19, 2018 |
OK guys, students visa,h1b or eb3 which is best to migrate with to the us? |
Re: American, US Based, And US Aspirant Derailer Thread by radautoworks: 6:11pm On Aug 19, 2018 |
hammed71: F1 is not for migration of they find out that's the ultimate goal you can be denied. This is why as previously mentioned you are not allowed to work on an F1. H1B is probably the best because it is specifically for working but still not intended for you to migrate. The catch is finding a company willing to hire and sponsor the Visa. Also, if you lose your job, you lose your H1B and must depart the country or find another company to sponsor you before your departure date. EB3 I don't even know of anyone who ever got this especially from Nigeria. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by radautoworks: 6:13pm On Aug 19, 2018 |
Babyvet: What state are you in This is not true in Texas. |
Re: American, US Based, And US Aspirant Derailer Thread by Kenyag: 6:46pm On Aug 19, 2018 |
Hello Friends, My brother got a fellowship which is accompained with a fully funded scholarship for a master's programme. After series of discussions, the VO mentioned that the 1-20 carried personal funds, which he clarifed that the organization would be responsible for paying that to the school and handed the Organization's Statement of account to the VO, who gave him a white paper placing his status on Administrative Processing. What should he do as school resumes on the 26th? He mentioned that the VO also said school resumed on the 26th hence he will hear from them. Any advice friends? radautoworks: |
Re: American, US Based, And US Aspirant Derailer Thread by hammed71(m): 7:03pm On Aug 19, 2018 |
radautoworks:OK thank you, but I have seen guys getting eb3 in Nigeria. 2 Likes 1 Share |
Re: American, US Based, And US Aspirant Derailer Thread by Babyvet: 7:05pm On Aug 19, 2018 |
hammed71: I would highly advise you to go on the USCIS website , it’s discloses all the possible options. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Dremca(m): 7:18pm On Aug 19, 2018 |
After building up a credit score using credit card up to like 750, what will a mortgage bank for instance look out for when giving mortgage loan, is it going to be only the credit score or the credit limit giving on the credit card or both. radautoworks: |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 8:05pm On Aug 19, 2018 |
Dremca: Sorry, this is where it gets beyond my reach. I have uploaded an article for you..... https://blog.taxact.com/s-corp-vs-c-corp-whats-best-business-2018/ In the wake of the Tax Cuts and Jobs Act, business owners nationwide are looking closely at whether incorporating as an S corporation or a C corporation will offer a greater reduction in their tax burdens over the long haul. While C corporations pay corporate taxes to the IRS, S corporations don’t have any entity tax — rather, taxes are paid via individual returns. “An S corp does not have a legal responsibility to pay taxes on its own — the owners of the company pay taxes on their income,” explains Scott Greenberg, senior analyst with the Tax Foundation, an independent Washington, DC think tank. s-corp. vs. c-corp The 2018 tax law was beneficial to both types of companies. Tax rates for C corporations were slashed from 35 percent down to 21 percent. (Their dividends are taxed again at the individual level, with a top rate of 23.8 percent, resulting in a top effective rate of 39.8 percent, but the timing of those dividends is at the company’s control. More on that in a moment.) S corporation owners may benefit from a 20 percent deduction of pass-through income, reducing their effective tax rates from 37 percent to 29.6 percent (subject to certain income, wage, and property limitations). Rarely are there one-size-fits-all answers during tax season, and that is certainly true when comparing these two types of incorporation. But understanding the three major areas of difference between the two — ownership restrictions, shareholder rights, and taxation — can help. What’s best for your business depends entirely on company structure and growth plans. Here’s a breakdown. Ownership differences “C corporations have no restrictions on ownership — they can have an unlimited number of shareholders— while S corporations can only have up to 100 shareholders,” explains Andrew Oswalt, CPA and tax analyst for TaxAct. S corporations must also be domestic (the company and its owners must live in the United States), with shares held by individuals, estates, or certain trusts (not other companies). And there can only be one class of stock (so you can’t issue preferred shares as well as common ones, for example.) “Let’s say you have a tech startup and you’re hoping that the company is going to grow and go public,” says Barbara Weltman, author of JK Lasser’s Small Business Taxes 2018. “It might make sense to be a C corp, because of what you’ll be looking to do in the future, like equity crowdfunding, or looking beyond that, going public.” Shareholder rights differences Because C corps can issue common stock and preferred stock, it’s possible for some shareholder votes to matter more than others, Oswalt explains. The fact that S corps can only have one class of stock and one kind of shareholder levels the playing field. Taxation differences You may have heard that C corps are subject to “double taxation,” which means the company pays a corporate tax, and then the owners of the company are also taxed on the income they make from the company. “This is the downside of C corps,” Weltman says. “But in 2018, the 21 percent rate is going to be a boon to a lot of people. That’s a flat rate, so the mom and pop dry cleaner on the corner is paying the same rate as would Amazon and every other Fortune 500 company.” Simultaneously, C corps have other tax benefits that S corps don’t share, Greenberg explains. “An S corp shareholder will pay taxes in the year their money is earned, but a C corp shareholder will only pay taxes on their business income when the business distributes dividends or when shareholders realize a capital gain, so there can be flexibility on when you pay your taxes, and when you get paid.” What it comes down to is this… Small businesses may want to be an S corporation, especially if the only owners are domestic individuals. But if you really plan on growing the business over time and adding shareholders, a C corporation may be the best choice. If you don’t plan on paying yourself a dividend for a long time — years not months — a C corp may be the better choice because you’ll only be taxed at the 21 percent level until then. “You don’t get taxed at the individual rate until a dividend is paid,” Oswalt says. “And who knows, ten years from now, the individual rate could be even lower… or higher, depending on who’s in control in DC.” Still unsure which direction to go? Here’s a quick checklist of the pros and cons: Both S and C corps have limited liability. Both S and C corps have perpetual existence – if the owner/shareholder passes away, the corporation continues to exist. C corps have no shareholder limit, while S corps have limited ownership options (including the fact that S corps cannot be owned by individuals living outside the US). C corps can be owned by other C corps. C corps can deduct fringe benefits, like disability and health insurance. C corp owners can’t write off losses on their personal return, while S corp owners can. It may be easier to grow as a C corp. S corps must pay a “reasonable wage” to employee-shareholders, and this is one item the IRS scrutinizes. With Kathryn Tuggle. This blog by Jean Chatzky is in partnership with TaxAct. 1 Like 1 Share |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 8:10pm On Aug 19, 2018 |
Dremca: I uploaded a link on page 1 on how to rause your credit score. When we are talking about paying bills to raise your credit score we are not talking all bills. Usually, bills like utility bills are not reported unless you are delinquent. This article better explains this... Which monthly bills affect your credit score? CHRISTINE DIGANGI | CREDIT.COM | 10:03 am EDT November 1, 2014 Here's the truth about your credit score: There are more things that can hurt it than help it, and there's some confusion about how that works. Here's the truth about your credit score: There are more things that can hurt it than help it. Here's the truth about your credit score: There are more things that can hurt it than help it. THINKSTOCK A recent survey from TransUnion asked consumers about a few common bills and whether or not they're regularly reported to the major credit reporting agencies. Generally, things like rent payments and utility bills aren't reported to credit bureaus, so you don't get "good credit" for making those payments on time. However, if one of those bills is overdue, it might end up hurting your credit, if the company you owe sends the bill to a debt collector. If you thought paying your rent or electric bills on time helped your credit standing, you're not alone: 48% of those who responded to TransUnion Interactive's online survey said they thought rent payments were regularly reported to credit bureaus. Even more confusion surrounded other bills: 53% thought cable and internet payments are regularly reported, 54% thought their utility payments are reported, and 52% thought credit bureaus had record of their cellphone payments. That's not the case. At the same time, if you fail to pay those bills, your credit score may be in jeopardy. Collection accounts have a negative impact on your credit standing, and even after you pay the debt, your credit will continue to suffer. The damage will be short-lived if the collection account is an outlier on your credit report, but multiple debts in collection will really hurt your score, and making on-time cellphone bill payments won't directly improve your credit standing. Unfortunately, you don't benefit from doing the right thing, but if you screw up, you're in trouble. The TransUnion data is based on a survey of 1,001 U.S. consumers ages 18 through 64 who rent their current living unit. Even though the respondents are exclusively renters, it's surprising that only 29% knew mortgage payments are regularly reported to credit bureaus and, as a result, have a significant impact on credit scores. Paying rent on time may not be your path to a high credit score (though it's a data point the credit scoring industry is looking at as a potential risk indicator), but it's still an important priority, so you avoid late fees and dealing with debt collectors. |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 8:13pm On Aug 19, 2018 |
radautoworks: I believe what she is referring to is hourly employees (not salary) who work more than their normal 40 hours a week are considered overtime. Overtime pay is 1.5x your regular pay. Because of this, you are now placed in a higher tax bracket. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Babyvet: 8:20pm On Aug 19, 2018 |
Backfornow: Yes I specifically said HOURLY workers. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 8:31pm On Aug 19, 2018 |
Holocene: Get married and have kids. Just kidding, sort of. Kids are automatic tax deductions. Apart from that contributing to plans such as retirement plan, Health savings plans, Flexible spending accounts, and Roth plans are made with pre-tax dollars. Here is an article for you... Kiplinger logo Ways to Save on Taxes All Year Round Filing your tax return is a once-a-year event but trimming your tax bill is something you can do right now. Thinkstock By SANDRA BLOCK, Senior Editor Updated January 2015 If you managed to claim every possible tax break that you deserved when you filed your return this spring, pat yourself on the back. But don't stop there. Those tax-filing maneuvers are certainly valuable, but you may be able to rack up even bigger savings through thoughtful tax planning all year round. The following ideas could really pay off in the months ahead. Give yourself a raise. If you got a big tax refund this year, it meant that you're having too much tax taken out of your paycheck every payday. Filing a new W-4 form with your employer (talk to your payroll office) will insure that you get more of your money when you earn it. If you're just average, you deserve about $225 a month extra. Try our easy withholding calculator now to see if you deserve more allowances. Boost your retirement savings. One of the best ways to lower your tax bill is to reduce your taxable income. You can contribute to up to $17,500 to your 401(k) or similar retirement savings plan in 2014 ($23,000 if you are 50 or older by the end of the year). Money contributed to the plan is not included in your taxable income. Haven't started one yet? Read Why You Need a 401(k) Right Away. Switch to a Roth 401(k). But if you are concerned about skyrocketing taxes in the future, or if you just want to diversify your taxable income in retirement, considering shifting some or all of your retirement plan contributions to a Roth 401(k) if your employer offers one. Unlike the regular 401(k), you don't get a tax break when your money goes into a Roth. On the other hand, money coming out of a Roth 401(k) in retirement will be tax-free, while cash coming out of a regular 401(k) will be taxed in your top bracket. Just remember that you'll have to pay income taxes on the amount you convert. Fund an IRA. If you don't have a retirement plan at work, or you want to augment your savings, you can stash money in an IRA. You can contribute up to $5,500 ($6,500 if you are 50 or older by the end of the year). Depending on your income and whether you participate in a retirement savings plan at work, you may be able to deduct some or all of your IRA contribution. Or, you can choose to forgo the upfront tax break and contribute to a Roth IRA that will allow you to take tax-free withdrawals in retirement. Go for a health tax break. Be aggressive if your employer offers a medical reimbursement account — sometimes called a flex plan. These plans let you divert part of your salary to an account which you can then tap to pay medical bills. The advantage? You avoid both income and Social Security tax on the money, and that can save you 20% to 35% or more compared with spending after-tax money. The maximum you can contribute to a health care flex plan is $2,500. Pay child-care bills with pre-tax dollars. After taxes, it can easily take $7,500 or more of salary to pay $5,000 worth of child care expenses. But, if you use a child-care reimbursement account at work to pay those bills, you get to use pre-tax dollars. That can save you one-third or more of the cost, since you avoid both income and Social Security taxes. If your boss offers such a plan, take advantage of it. Ask your boss to pay for you to improve yourself. Companies can offer employees up to $5,250 of educational assistance tax-free each year. That means the boss pays the bills but the amount doesn't show up as part of your salary on your W-2. The courses don't even have to be job-related, and even graduate-level courses qualify. 2 Likes 1 Share |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 8:42pm On Aug 19, 2018 |
Dremca: Mortgage companies look at 4 things... 1. Credit score- Are you paying bills on time, do you have negative reports filed against you? Debt to income ratio- How much debt do you have in relation to how much money you are bringing in ? 2. Income- Do you have enough income to make the payments? 3. Current Debt- How much? What kind, credit card vs student loan debt? Are you almost at the maximum amount of debt that was given to you? 4. Down payment percentage- How much can you make for a down payment. https://www.discover.com/home-loans/blog/what-banks-look-at-when-approving-a-home-loan 1 Like 2 Shares |
Re: American, US Based, And US Aspirant Derailer Thread by Dremca(m): 8:57pm On Aug 19, 2018 |
Wow. I've been browsing through this topic for some times but didn't get any explicit information as this. This is well detailed compared to what I got online. Certainly, I will be setting my eyes on C-Corporation. Backfornow: |
Re: American, US Based, And US Aspirant Derailer Thread by Dremca(m): 9:03pm On Aug 19, 2018 |
Information is power. In the near future, I should be looking towards building a good credit score which I'll use to buy several vacation homes and rent out as an investment vehicle. Is it also possible to apply and get approved for mortgage for more than one vacation home or property maybe up to five at the same time. Backfornow: |
Re: American, US Based, And US Aspirant Derailer Thread by Dremca(m): 9:33pm On Aug 19, 2018 |
Will the salary earned by founder/shareholder of a C-Corp be taxed just like is being taxed on S-Corp founder/shareholder's salary. Backfornow: |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 9:36pm On Aug 19, 2018 |
@Dremca, I do not know the answer to that. A certified accountant would be a better resource. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Dremca(m): 9:41pm On Aug 19, 2018 |
I'm really fortunate to come across people like you. You take your to explain with reference. I'm a very inquisitive person and always wants to know things that will be of great benefit to me and I also believe people are learning from your responses. Gracias. Backfornow: 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by stonemasonn: 12:06am On Aug 20, 2018 |
Jesus. I miss Nigeria already.....this place can be lonely. 2 Likes |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 12:32am On Aug 20, 2018 |
Dremca: You are welcome. |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 12:34am On Aug 20, 2018 |
stonemasonn: Well lets do something about this. You are in CA right? CA folks please link up with him. Are you an introvert? 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Babyvet: 12:49am On Aug 20, 2018 |
stonemasonn: Why don’t you visit home? |
Re: American, US Based, And US Aspirant Derailer Thread by stonemasonn: 1:01am On Aug 20, 2018 |
Babyvet:Just a year in the state. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by stonemasonn: 1:14am On Aug 20, 2018 |
Backfornow:No NV, my company have so many jobs at CA. That’s why I know CA. Yes I’m an introvert, the problem is just adjusting to the way of life. For instance anytime I go into McDonald’s I just request for combo , beef burger, potato fries and soda. When they suggest anything else I simply say yes or no...I just don’t have an idea . I be correct village man. If I go to restaurants with my colleagues I wait for them to make their orders then follow theirs or just look at the various pictures in the menu and point. In Naija nothing is complicated. Kai I miss fresh Iwedu soup ...... and those organic Oshodi sweet sixteens 2 Likes |
Re: American, US Based, And US Aspirant Derailer Thread by Babyvet: 1:26am On Aug 20, 2018 |
stonemasonn: Aww Pele, it will get better. |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 1:27am On Aug 20, 2018 |
stonemasonn: NV too bad. There arent any colleagues that you would consider being friends with outside of work? The thing with many Americans is that they are reserved and wary of strangers and tend to stick to their inner circle. They will open up to you but you most likely are going to have to make the first move. 1 Like |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 1:33am On Aug 20, 2018 |
stonemasonn: Do you have any hobbies or things you like to do? Gyms are a good place to meet people. The men I see at my gym are mostly socializing, taking up all the good machines. What about your church or mosque? |
Re: American, US Based, And US Aspirant Derailer Thread by stonemasonn: 1:49am On Aug 20, 2018 |
Backfornow:I’ll try gym. Church I’m bored with church same thing every Sunday. 2 Likes |
Re: American, US Based, And US Aspirant Derailer Thread by Nobody: 1:57am On Aug 20, 2018 |
stonemasonn: Whats the population of blacks in NV? Are you near Vegas? |
Re: American, US Based, And US Aspirant Derailer Thread by lillaowow(m): 1:58am On Aug 20, 2018 |
stonemasonn: Do like me, talk to lots of girls you ain't interested in. Be really firendly. You will always get invite every week to somewhere, that way you ain't bored. Don't forget the number 1 rule, don't ever get intimate with coworkers |
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