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Payroll Tax:  a percentage withheld from an employee’s pay by an employer who pays it to the government on the employee’s behalf. Payroll Tax Explained Fun Fact: If a business has employees in multiple states, payroll taxes could get more complex. Different states have their own rules regarding how payroll taxes are handled, as well as differentContinue reading “Payroll Tax for Dummies”

Property Tax: is a tax paid on property owned by an individual or other legal entity, such as a corporation. Property Tax Explained Fun Fact: Taxes can run in the thousands for homeowners and are typically due twice a year. Escrow accounts can help by making 1/12th of the estimated cost each month but keep anContinue reading “Property Tax for Dummies”

Sales Tax: a tax on sales or on the receipts from sales. Fun Fact: Did you know that New Jersey assesses a 6.625% Sales Tax on sales of most tangible personal property, specified digital products, and certain services unless exempt under New Jersey law. Trivia Question: How many states do not have a sales tax?