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Are you an employer in Oregon? If so, you should familiarize yourself with state-specific taxes, including the statewide Oregon transit tax. This tax applies to all businesses with employees working or living in the state of Oregon. Confused yet? […] READ MORE.
Attention Oregon employers! Specifically, attention employers in Eugene, Oregon. A new type of payrolltax is coming your way in 2021. Learn all about the Eugene Community Safety Payrolltax and whether or not you need to withhold and remit it to the city. What is the Eugene Community Safety PayrollTax?
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.
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.
Washington State and Oregon failed to pass a bill that was similar in nature AB 5, the NYT said. . They would also have to pay payrolltaxes, all of which could change their business models. Uber is going a step further and has pledged it will litigate misclassification claims from drivers. .
Colorado and Oregon will begin collecting assessments for their programs in 2023. . The program would be funded by 2% payrolltax, 1% paid by the employer, 1% paid by the employee ( L. 2022, H447 ). . Proposed legislation ( L. 2022, H5029 ) seeks to establish a PFMLI program.
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.
Now legal in 23 states, with recreational use also legal in Alaska, Colorado, Oregon and Washington, marijuana is very much still a cash-based business. The outlet dug deeper into the case to reveal that Allgreens’ mistake came when it tried to pay its payrolltaxes to the IRS in cash, which is actually illegal.
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. Negative reporting is not accepted. per hour. .
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 payrolltaxes. While gross receipts tax is imposed on the business, the cost of the gross receipts tax is often passed on to the consumer.
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.
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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