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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. By Nellie Akalp. for both employees and employers.

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An Employer’s Guide to Multi-State Payroll Tax Withholding for Remote Workers

Anders CPA

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

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Payroll Considerations: When an Employee Dies

ThomsonReuters

Note that the following states do not have a state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. . For federal withholding, see Payroll Guide ¶3820, for W-2 reporting, see Payroll Guide ¶4260 , for 1099-MISC reporting, see Payroll Guide ¶4268.

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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. Contact Anders The post Employer Payroll Tax Obligations When Employees Work Out-Of-State appeared first on Anders CPA.

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Payroll Taxes for an Employer: How Is Payroll Tax Calculated?

Snyder

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. So how is payroll tax calculated? What is a payroll tax?

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2023 in review: The year in sales tax

TaxConnex

of taxable property or services in lieu of the current income taxes, payroll taxes and estate and gift taxes. In Alaska, a Republican lawmaker recently introduced a bill that would create a 2% state sales tax as one part of a larger plan to close a revenue gap partially created by falling oil prices. National sales tax H.R.25

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How SUI and State Income Taxes Affect Small Businesses

CPA Practice

Some states require employers to pay additional payroll taxes. In Alaska, New Jersey, and Pennsylvania, both employers and employees contribute to the fund, with the employee’s portion of SUI deducted from their paychecks. Many companies also register with a payroll service, so they don’t have to worry about each state’s tax rates.