ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax 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?

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Hawaii South Dakota payroll tax payroll 98

CPA Practice

OCTOBER 18, 2023

Property and payroll taxes In addition to business or personal income taxes and sales tax, property and payroll taxes are important considerations. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59

xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. Other than income tax, your small business may be subject to payroll taxes, self-employment taxes, and more. You’ll also withhold income tax from employees’ wages.

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business tax Tax income tax payroll tax 52

ThomsonReuters

FEBRUARY 6, 2024

Corporate income tax is a significant source of revenue for governments. In fact, it is the third-largest source of federal revenue, albeit smaller than individual income tax and payroll taxes. While gross receipts tax is imposed on the business, the cost of the gross receipts tax is often passed on to the consumer.

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ThomsonReuters

JUNE 22, 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 Payroll Tax Changes. per hour for large businesses (more than 100 employees).

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payroll Virginia Utah West Virginia 72

TaxConnex

MARCH 30, 2023

The provisions This bill imposes a national sales tax on the use or consumption in the U.S. of taxable property or services in lieu of the current income taxes, payroll taxes and estate and gift taxes. The rate of the sales tax will be 23% in 2025, adjusted in subsequent years.

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Sales Tax income tax Louisiana 147

Going Concern

AUGUST 23, 2024

No tax on tips fires up Nevada hospitality workers: ‘I want that!’ [ The Guardian ] Kristine serves gamblers playing countertop video poker screens at the center bar of Las Vegas’s Ellis Island casino. of Wilmington pled guilty today to not paying more than $2 million in employment taxes and not filing employment tax returns.

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audit CPA auditor North Carolina 105

CPA Practice

APRIL 25, 2024

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.

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CPA Practice

JUNE 14, 2024

Trump first floated the idea earlier this month in Nevada, a battleground state heavily reliant on the service industry. Workers’ tips are currently subject to income tax as well as payroll taxes that finance Social Security and Medicare. “I’m always for workers getting a fair shake. Kevin Cramer, R-N.D.,

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Nevada Tax Texas income tax 95

CPA Practice

SEPTEMBER 3, 2024

Both in particular have their eye on Nevada, one of half a dozen battleground states that could tip the election outcome, with its high concentration of service workers. While the political logic behind the plans is compelling, the plan to end taxes on tips is panned by tax experts. Their tips would also be exempt.

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Nevada Tax payroll tax income tax 111

CPA Practice

AUGUST 20, 2024

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 payroll taxes, which fund Social Security and Medicare programs. It’s difficult to see Harris applying the exemption to the payroll tax.

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CPA Practice

AUGUST 13, 2024

The proposal, which was absent from the 2024 GOP platform released earlier this month, arrives on the heels of Trump’s promise to exempt tip income from taxes as well. Trump first floated his tip tax idea in Nevada, home to a large number of service industry workers and a key swing state in November. Angie Craig, D-Minn.,

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North Carolina Tax payroll tax Wisconsin 98

CPA Practice

AUGUST 14, 2024

In an interview with CBS News over the weekend, Republican vice presidential nominee JD Vance tried to outflank Democrats by floating a $5,000-per-child tax credit—$3,000 more than the size of the current credit and even larger than President Joe Biden has proposed. Those employees have historically relied on tips.

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Nevada Tax Arizona payroll tax 52