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As accountants and CPAs, dealing with payrolltaxes is essential to managing finances for your business clients. Understanding the details of payrolltaxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Filing tax returns and remitting payments on time.
Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payrolltax complications. Multi-state payrolltax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.
This changing employment landscape requires employers to reassess their payrolltax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.
Take the case of Alicia Chapman, CEO of the Portland, Oregon-based metal manufacturer Willamette Technical Fabricators. But part of what’s driving the ERC backlog in particular are adjusted or amended payrolltax returns, according to Michael Wronsky, a senior manager with Baker Tilly’s tax team.
She is the CEO of CorpNet , the most innovative way to start a business, register for payrolltaxes, and maintain business compliance across the United States. Nellie Akalp is a passionate entrepreneur, recognized business expert, and mother of four.
Property and payrolltaxes In addition to business or personal income taxes and sales tax, property and payrolltaxes are important considerations. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.
There’s another important distinction about tips and taxes: Even when workers don’t have a federal income tax obligation, workers and their employers must pay federal payrolltaxes, which fund Social Security and Medicare programs. It’s difficult to see Harris applying the exemption to the payrolltax.
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