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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.
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. Medicare tax on wages exceeding certain thresholds.)
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?
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.
TNS) A backlog of claims for the employee retention credit (ERC) has piled up before the IRS, as business owners seek out the retroactive tax credit. Take the case of Alicia Chapman, CEO of the Portland, Oregon-based metal manufacturer Willamette Technical Fabricators. By Melissa Angell, Inc.
Incorporating at the End of the Year The primary advantage of incorporating before the end of the year is your clients can then take advantage of the tax benefits owning a corporation offers, including writing off the costs of incorporating on this year’s taxes.
One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.
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. .
Jump to: What is direct tax? What is indirect tax? Direct tax and indirect tax. The differences between direct tax and indirect tax are important to understand. The differences between direct tax and indirect tax are important to understand. Direct tax is progressive in nature.
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.
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. On July 1, the minimum wage increases to $9.00 New Mexico.
There are issues of transaction security, criminal elements, tax evasion, free flow of capital, access to goods and services and the ability to fully participate in the global economy. 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.
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.
During this election, “no tax on tips” seems to be the phrase fitting that bill. Both presidential candidates are embracing the promise to exempt workers from paying taxes on their tips. After all, who doesn’t want a tax break when they can get it? How do taxes on tips work? How do tips factor into wages?
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