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.
Income Taxes for Self-Employed Business Owners and Independent Contractors If you are not an employee and work on your own, you will pay taxes a little differently than employees do. Employers are required to withhold federal income tax (as well as Social Security and Medicare taxes) from their employees' pay.