Category: Updates

How is FICA calculated?

To calculate FICA tax contribution for an employee, multiply their gross pay by the Social Security and Medicare tax rates. For example, if an employee’s ...

Can legal fees be claimed?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. In add...

Can retirees work part time?

Part-time work can temporarily reduce Social Security payments. If you take Social Security before full retirement age (between 65 and 67 years of age dep...

What does SARS Code 3606 mean?

3606 – Commission Payments. 3701 – Travel Allowances (Subject to PAYE) 3703 – Reimbursive Travel Allowance (non-taxable) 3713 – Other Allowances – Taxable...