MyIRSRelief

AUGUST 1, 2022

According to the most up-to-date US Tax Code, all US-based business employers are required to file employment 941 / 940 Payroll Tax forms with the IRS every quarter and year-end at a prescribed date. These tax professionals can be your best friend when it comes to dealing directly with the IRS. Medicare tax.

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Patriot Software

FEBRUARY 8, 2024

Payroll software makes paying employees a breeze by calculating federal, state, and local taxes. If you’ve decided you want to use software to run payroll, you can put away your calculator and income tax withholding tables (hooray!). But, do you know how to choose a payroll service?

payroll 106

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CPA Practice

JULY 12, 2023

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. Some states require employers to pay additional payroll taxes.

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CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. By Nellie Akalp. for both employees and employers.

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Withum

MARCH 31, 2021

The top income tax rates have varied from 2% to 94% since the first United States income tax was instituted in 1862. Right now the top rate is 37%.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

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MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems.

New York 147

New York payroll tax payroll audit 147

ThomsonReuters

MAY 6, 2022

The Spring 2022 Certified Payroll Professional (CPP) exam testing period ended a few weeks ago on April 16, 2022. Thoughts and tips from a payroll pro. Recently, the Checkpoint payroll editorial team had the pleasure to ask American Payroll Association (APA) Board of Directors member James Paille, CPP, some questions about the exam.

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Patriot Software

OCTOBER 11, 2022

Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all.

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income tax Tax payroll 90

ThomsonReuters

JUNE 29, 2022

Summer is starting, so if you are planning to take the Certified Payroll Professional (CPP) exam during the Summer/Fall 2022 testing period, it would be a good idea to start working on those flashcards and find information for the seven main topics of the CPP test. This CPP quiz question will be on employment taxes. The IRS and U.S.

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ThomsonReuters

FEBRUARY 14, 2022

Withholding : Federal income tax (FIT) is not withheld; however, FICA (Social Security and Medicare taxes) must be withheld. . FUTA: Subject to FUTA (Federal Unemployment Taxes) when $7,000 wage cap has not yet been met. . See list of state tax agencies available on the IRS website. . State withholding.

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ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Federal News.

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Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

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Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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income tax Arizona Tax payroll tax 88

Patriot Software

APRIL 26, 2021

You pay some employment taxes (e.g., unemployment), while others are taxes you deduct from your employees’ wages and pay on their behalf. One of the taxes you must withhold is federal income tax. So, what is it, and […] READ MORE.

income tax 89

income tax Tax payroll 89

ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional ( CPP ) Corner , we talked about the regular rate calculation for overtime purposes. Payroll Guide ¶18,022 contains a DOL table that can be used to compute overtime on different types of pay that includes commissions. Regular rate of pay for overtime. The answer is “d.

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Patriot Software

DECEMBER 15, 2022

Withholding federal income tax from employee wages is a necessary (but tricky) part of running payroll. There is no standard amount you withhold from employee wages for federal income taxes. Instead, tax amounts are determined by factors like pay, Form W-4 withholding information, and filing status.

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payroll income tax Tax payroll tax 87

MyIRSRelief

NOVEMBER 1, 2024

Unlike sole proprietors or partners in a partnership, S Corporation shareholders are not subject to self-employment tax on their share of the corporation’s income. However, they must pay themselves a reasonable salary, which is subject to payroll taxes. What are the Tax Preparation Requirements for an S Corporation?

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ThomsonReuters

AUGUST 19, 2021

Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions. Our company could also save its share of FICA taxes on the contributions.

payroll 105

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ThomsonReuters

JULY 1, 2022

In a previous edition of the Certified Payroll Professional (CPP) Corner, we talked about gross ups. In Payroll Guide ¶4115 , we discuss the IRS’s formula for completing a gross up. 100% – 29.65% (7.65% + 22%, the federal tax withholding rate for bonuses) = 70.35%. Interested in payroll topics? Gross ups.

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ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits. This is important to employers for payroll because there are a lot of minimum wage rate changes to keep up with.

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ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. The 2022 tax year version may include more states if the loans are not repaid. The guide also contains information on FUTA taxes.

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payroll California Connecticut New Jersey 98

Bharmal&Associates

OCTOBER 23, 2020

First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty. Getting the S corporation salary right is important. Planning note.

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Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

West Virginia 84

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CPA Practice

MARCH 29, 2024

The previous federal tax relief, announced shortly after the fires, mainly lasted through Feb. 15 , which did not cover federal income tax filings for tax year 2023. In general, the new extension “means that affected individuals, businesses and tax-­exempt organizations will now have until Aug. 15, 2023, and Jan.

Hawaii 59

Hawaii income tax Tax tax return 59

CPA Practice

FEBRUARY 15, 2023

You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. The new IRS W-4 complements the changes to the tax law that took effect in 2018. Continue reading at the Patriot Software payroll blog.

income tax 130

income tax payroll Tax payroll tax 130

ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. Employer blood donation credit enacted.

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payroll Missouri Virginia Delaware 98

Withum

AUGUST 14, 2024

Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025. Quarterly payroll and excise tax returns normally due on October 31, 2024, and January 31, 2025. In North Carolina, penalties for failing to make payroll and excise tax deposits due on or after August.

South Carolina 126

South Carolina North Carolina Georgia Tax 126

Patriot Software

OCTOBER 5, 2022

Most of us would agree with the following statement: Employee wages are taxed federally and at the state level. Some employees can state income tax exemption. We all know that taxes can be complicated. This guide will cover everything you need to know about claiming tax exemptions on state […] READ MORE.

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income tax Tax payroll 77

MyIRSRelief

DECEMBER 29, 2023

Employment taxes can be a complex area for businesses, especially when it comes to Form 941, the Employer’s Quarterly Federal Tax Return. This form is used to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax.

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inDinero Tax Tips

MAY 21, 2021

If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy. The R&D tax credit wasn’t always available to small businesses. Until 2015, the credit had been subject to renewal by Congress, making it less reliable as a tax strategy.

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payroll tax payroll Tax income tax 92

Patriot Software

OCTOBER 3, 2022

Governor Hutchinson recently signed legislation to immediately lower the state’s top individual tax rate and provide tax credits to low- and middle-income taxpayers. And as an employer, you need to know how these changes impact your payroll withholding. Read on about this recent Arkansas inflation relief.

Arkansas 90

Arkansas income tax Tax payroll 90

Cherry Bekaert

APRIL 22, 2024

However, all job creation incentives typically require: 1) A minimum net job increase 2) Maintained jobs 3) Operations in certain industries or activities Jobs Tax Credits may be claimed on a retroactive basis in Georgia, South Carolina, Mississippi, Tennessee and Virginia in any open tax years. taxable wages for up to 15 years.

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South Carolina North Carolina Mississippi Georgia 105

inDinero Tax Tips

OCTOBER 22, 2024

This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. If you have employees, you also file a Form 941 , which reports payroll tax withheld on their behalf.

Nevada 105

Nevada Tax income tax payroll tax 105

CPA Practice

FEBRUARY 2, 2024

Rhode Island tax deadline extensions As a result of the severe storms, the following federal tax deadlines for affected taxpayers in Rhode Island have been extended until June 17, 2024: Individual income tax returns and payments normally due on April 15, 2024. 2023 estimated income tax payments normally due on Sept.

Rhode Island 113

Rhode Island Tax income tax tax return 113

Withum

FEBRUARY 29, 2024

Ohtani and the Dodgers want to win a World Series, Ohtani wants to be paid at the highest market value for his talent and the Dodgers would like to retain as much payroll flexibility as possible, so the team can be competitive in the future. Let’s start with his federal payroll tax liability.

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Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties.

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