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Your Guide to Year-End 2023: Bonuses

ThomsonReuters

Payroll Guide ¶ 4100 et seq. The Quick Reference Chart found at Payroll Guide ¶ 5021 is a great at-a-glance guide for state supplemental wage withholding compliance requirements. For payments issued on a one-time basis separate from a regularly scheduled payroll, several states have requirements for withholding rates.

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The Certified Payroll Professional Corner: Fringe Benefits

ThomsonReuters

We attended American Payroll Association’s (APA) annual Congress in Las Vegas, Nevada. It’s a nice feeling to share, learn, and, yes, sometimes commiserate, over all things payroll. Next-day deposit rule. CPP, Senior Director, Payroll and Compliance, Guidehouse. Communication is key.

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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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What is IRS Form 941?

ThomsonReuters

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What is the IRS Form 941? When are employment tax deposits due?

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Last Week in Payroll: Federal Employment Taxes

ThomsonReuters

Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6% In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. There are several IRS forms used to report these taxes.

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Advising clients to file Form 941-X for missed COVID-19 relief credits.

ThomsonReuters

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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A Guide on How to Hire Your Kids and Pay Less in Taxes

LyfeAccounting

And that is by hiring them in your business and placing them on the payroll. But there are rules and a proper way to do it. Today, we’re excited to show you how to hire your kids and put them on the payroll. As well as how your kids can avoid paying tax on their income and the rules you need to abide by to hire your kids.

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