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What Is Payroll Tax? A Breakdown for Business Owners

inDinero Tax Tips

The 2023 maximum was $160,200 The 2024 maximum is $168,600 Medicare Tax The Medicare tax rate is a flat 1.45% of all wages. Once an individual exceeds a certain income threshold, additional Medicare tax applies. For 2024, withhold an additional 0.9% For 2024, withhold an additional 0.9%

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What Is Payroll Tax? A Breakdown for Business Owners

inDinero Tax Tips

The 2023 maximum was $160,200 The 2024 maximum is $168,600 Medicare Tax The Medicare tax rate is a flat 1.45% of all wages. Once an individual exceeds a certain income threshold, additional Medicare tax applies. For 2024, withhold an additional 0.9% For 2024, withhold an additional 0.9%

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What Happens if a Business Doesn’t File Taxes?

xendoo

The Internal Revenue Service (IRS) can send you a bill for penalties and additional fees. However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. Types of Penalties How Long Can You Go Without Filing Business Taxes?

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