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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. for paying state unemployment tax.

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How SUI and State Income Taxes Affect Small Businesses

CPA Practice

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. Some states require employers to pay additional payroll taxes.

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Employer Payroll Tax Obligations When Employees Work Out-Of-State

Anders CPA

This changing employment landscape requires employers to reassess their payroll tax 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.

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Payroll trends to watch in 2022 (Part 2)

ThomsonReuters

The DOL also has a list of potential FUTA credit reduction states for tax year 2022, which includes California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania, and the U.S. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base.

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Heads Up! Payroll Changes Coming in July

ThomsonReuters

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. Pennsylvania. Negative reporting is not accepted.

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Accounting Firm Leaders Discuss Challenges/Benefits of a Remote Workforce

ThomsonReuters

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. However, a challenge can arise for smaller businesses when it comes to tax compliance and reporting.

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Trump Pitches Repeal of Tax on Social Security Benefits

CPA Practice

In the 2020 elections, seniors accounted for more than a quarter of all voters, and three-quarters of them actually voted, compared with just over half of 18- to 24-year-olds, for example, according to census data compiled by KFF. Seniors typically make up a large share of voters, and more of them vote than other age categories.