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because of the system
characteristics, it is always necessary to
hire a Certified Public accountant (CPa,
which is a professional accountant
habilitated as an auditor by the american
Institute of Certified Public accountants)
or a Tax Lawyer, who will not only prepare
the tax declaration, but who will also
represent the contributor before the
Internal Revenue Service (IRS) if it is
necessary.
Not all the immigrants pay
taxes, because it depends on the type of
visa they have got. For the declaration,
they need to point out the number of their
social security card, in case you do not
have it and you are forced to declare your
taxes, you can request an Individual
Taxpayer Identification Number (ITIN) to the
International Revenue Service (IRS).
In most cases, your employer is the one who
deduces and holds your taxes, and later, he
or she will give you a form which contains
your income and the taxes he or she held the
year before, which must be enclosed to the
tax declaration presented to the Internal
Revenue Service (IRS).
When someone loses their job, they can hold
themselves to the Unemployment Insurance (UI),
which is a program that provides economic
help, which is related to the salary of the
person, while he or she looks for a new job.
It is necessary to have from 12 to 18 months
of work and a social security card to access
to this privilege. The procedure takes
approximately 3 weeks. It is presented to
the Unemployment Insurance agency which is
located in every state.
Getting ready to the stage after retirement,
means that every person has to decide
whether to save or not now, in the present,
designing their own Pension Plant, choosing
among two types of plans, the IRa and the
401 – k.
The IRa Pensions Plan or Individual
Retirement account is an account which
allows saving for retirement and there are
two types of it. The first type is the
Traditional IRa and the other one, is the
ROTH. To choose which one suits better our
lifestyle, we need to be advised which can
be obtained in any bank, insurance company
or financial enterprise.
- The Traditional IRa account allows using
the contributions that are made to reduce
the payment of taxes and their profits pay
taxes from the moment in which you start
receiving your retirement pension.
- The ROTH account does not allow the
contributions to deduct taxes and their
profits are not hold to the payment of any
tax. In this type of pension plan, you can
retire your money before retiring if you
fulfill certain requirements.
The 401 – k Pensions Plan is given by your
own employer and consists in him or her
retaining a percentage of your salary, which
is decided by you (as a maximum, during the
year they can hold up to 15 000 dollars)
and, at the same time, the employer
contributes with an amount which can reach
up to a 100% of your contribution. The
advantage of this plan, is that it allows
you to pay less taxes in the present time,
because it translates it to the moment in
which you start receiving your retirement
pension, but in a smaller amount. This plan
is manages by a financial company, which
invests your money and this allows your
pension fund to increase.
Summing up, we can point out that paying
taxes and saving, allows every citizen or
foreign resident in the United States of
america to receive efficient public services,
accessing to unemployment economic help and,
also, accessing to profitable pensions funds.
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