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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. By Nellie Akalp. for both employees and employers.
Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payrolltax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payrolltax problems.
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.
Employers were reimbursed with a payrolltax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February. What’s on the horizon?
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.
This applies to the quarterly payrolltax returns (Form 941) normally due on April 30, 2021. This extension does not apply to employment tax deposits, however, penalties on deposits due on or after February 11, 2021 and before February 23, 2021 will be abated as long as the deposits were made by February 26, 2021.
But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State PayrollTax Changes.
According to the IRS, employers can make the deferral payments through the Electronic Federal Tax Payment System (EFTPS) or by credit or debit card, money order or with a check. These payments must be separate from other tax payments to ensure they applied to the deferred payrolltax balance. per hour.
Trump and advisors floated a number of possibilities, including an infrastructure package, along with a payrolltax cut, tax deductions for companies’ workers’ restaurant and entertainment expenses, and maybe more. And recent analyses have the economy taking until 2030 to start fully recovering.
More than half say they approve of trimming benefits for high-earners, and for taxing wages for Social Security beyond the first $168,600 in earnings as done under current policy. The poll was conducted among registered voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin between April 8-15.
And seniors are well-represented in swing states like Pennsylvania, Michigan, Wisconsin, Florida and Arizona. The payrolltax increase in Craig’s bill also would restore full Social Security solvency through 2054, about two decades longer than under current law, according to the Social Security Administration.
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