Vernal Equinox is the first. Vernal Equinox is the first day of Spring based on astronomical data. The same applies to other astronomical seasons, it may not feel at all like Spring, but the position of the Sun and the Earth dictate the astronomical time frame, not the weather conditions in a particular area.
For tax purposes, interest must be recognized annually on the amount of the loan at the stated rate. If there is no stated interest rate, or a below-market interest rate in the loan agreement, then interest must be calculated at the applicable federal rate.he forgiveness of any loan to an employee by Washington University is taxable compensation to the employee. The payment of the balance due of an employeeâs loan by the University is taxable compensation to the employee.
of the taxes and pay a matching amount. Generally, employee wages are subject to Social Security and Medicare taxes regard-less of the employeeâs age or if he or she is receiving Social Security benefits. For more information, see federal Form 941, Employerâs Quar-terly Federal Tax Return. Federal Unemployment Tax (FUTA)