ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base. There are many restaurants in Miami Beach.

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ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional ( CPP ) Corner , we talked about the regular rate calculation for overtime purposes. The amount of overtime pay due to an employee is based on the employee’s regular rate of pay and the number of hours worked in a workweek. Regular rate of pay for overtime. ” The U.S.

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MyIRSRelief

AUGUST 1, 2023

In this blog post, we will explore the common tax compliance challenges faced by trucking companies and highlight how our specialized tax firm can offer tailored solutions to help them overcome these hurdles. However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

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ThomsonReuters

APRIL 25, 2024

Delay Social Security. Guide your clients on when to start receiving Social Security benefits. Consider the overall financial picture to determine the optimal time to start receiving Social Security. Social Security benefits. Do you pay social security on retirement income?

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared. Categories of US Payroll Taxes. Social Security. Types of US Payroll Taxes.

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LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. I missed payroll tax filing deadlines that cost me thousands of dollars. I missed payroll tax filing deadlines that cost me thousands of dollars. What are Income Taxes? 12% on the next $30,000 income.

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ThomsonReuters

FEBRUARY 28, 2022

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. For Social Security tax, the rate is 6.2% What is the IRS Form 941?

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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . in partnership with the American Payroll Association (APA) and the Global Payroll Management Institute (GPMI).

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LyfeAccounting

DECEMBER 31, 2020

For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes. Payroll Tax Filings: Forms That You Need. Payroll Tax Filings: Things to Keep in Mind.

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ThomsonReuters

MARCH 22, 2021

For payroll, in particular, there are a number of taxes. There’s federal income tax, Social Security and Medicare taxes, Federal Unemployment Taxes (FUTA), state withholding tax, state unemployment tax, and certain local taxes, for starters. A number of those pages will directly affect payroll. EEO-1 reporting update.

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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . in partnership with the American Payroll Association (APA) and the Global Payroll Management Institute (GPMI).

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ThomsonReuters

FEBRUARY 7, 2022

The Build Back Better bill (BBB), in its initial incarnation, introduced a provision that sought to establish a Universal Paid Family and Medical Leave (UPFML) program, beginning July 2023, by amending the Social Security Act (42 USC 301 et seq.) of an employer’s annual wages with employees paying up to 50% of the cost ( L.

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ThomsonReuters

FEBRUARY 6, 2024

The tax is progressive in nature or, in other words, is largely based on the ability-to-pay concept. This is a tax imposed on the salaries, wages, investments, or other forms of income that a person or household earns. What does this mean? While some have to calculate their income tax provision , some U.S.

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ThomsonReuters

JANUARY 2, 2024

Checkpoint Payroll discussed these possibilities with Carrie Hoffman, Chair of Foley & Lardner’s Labor and Employment Practice, who shared her thoughts on the various components that PFML legislation may tackle. While no details have been released so far, topics examined by the working group provide some insight.

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LyfeAccounting

JUNE 11, 2021

They go on to say that this compensation must be paid before non-wage distributions may be made to the shareholder-employee. So basically, before you pay yourself or your partners a distribution of profits, you should be taking a reasonable wage from the business. You’re only paying these taxes as wages. Contact us now!

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ThomsonReuters

FEBRUARY 10, 2022

And through the Social Security Act of 1935 (SSA), the federal government encouraged individual states to adopt unemployment insurance plans. Department of Labor explains that unemployment insurance is a federal-state program financed through federal and state employer payroll taxes. up to the annual $7,000 taxable wage base.

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Nancy McClelland, LLC

AUGUST 21, 2023

Click the image to watch an excellent 20-minute overview video of the IL Secure Choice Program. What Is Illinois Secure Choice? Enacted in 2015, the Illinois Secure Choice Savings Program Act has been phased in over many years, starting with companies with many employees, and working its way to those with very few staff by comparison.

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Nancy McClelland, LLC

AUGUST 21, 2023

Click the image to watch an excellent 20-minute overview video of the IL Secure Choice Program. What Is Illinois Secure Choice? Research has shown that Americans are 15 times more likely to save for retirement when it’s done through a payroll deduction at work.

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LyfeAccounting

JULY 12, 2021

Self-employment tax is a combination of Social Security and Medicare taxes. goes towards Social Security and 2.9% Note that every dollar earned is subject to Medicare taxes, but for 2021, the Social Security portion of the tax maxes out at $142,800 of earnings. Let’s dig deeper into self-employment taxes!

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ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. population, and CPI for Urban Wage Earners and Clerical Workers (CPI-W), which covers 29% of the U.S. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits.

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LyfeAccounting

MARCH 5, 2021

Now, your tax expense can greatly vary based on the entity you select here. It’s the government’s way of funding programs like Social Security and Medicare, which is normally deducted from your paycheck as an employee. On the tax side, the forms you file are different based on if you’re a single-member LLC or multi-member LLC.

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ThomsonReuters

JULY 13, 2021

A TIN can either be the payee’s Social Security Number (SSN), employer identification number (EIN) or individual taxpayer identification number (ITIN). Now let’s take a look at some of the more important payroll stories from the past week. Budget bill includes unemployment taxable wage base increase. Federal News.

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ThomsonReuters

MARCH 15, 2021

Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. IRS tax tip on repayment of deferred Social Security taxes. Federal News.

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LyfeAccounting

NOVEMBER 2, 2020

?. We’ve got an important post for you today, because we’re going to discuss whether you should pay your employees through as a contractor or as a regular wage. Because if we’re being honest, your payroll is the number one reason why people would even consider working with you. You’re expected to pay payroll taxes as an employer.

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ThomsonReuters

JUNE 21, 2021

Repaying Deferred Social Security Taxes . In addition, a Presidential Memorandum signed on August 8, 2020, allowed employers to defer the employee’s share of Social Security tax from September 1, 2020 through the end of tax year 2020. . IRS disagrees with court regarding PEOs and wages. . The IRS has?announced

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ThomsonReuters

APRIL 14, 2022

However, when it comes to wages, can employers pay employees in cryptocurrency? A cryptocurrency is a digital or virtual currency that is secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology. However, can employers pay wages in cryptocurrency? What is cryptocurrency?

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ThomsonReuters

APRIL 26, 2022

The European Union has used the term since the 2000s to describe socially equitable policies when combating climate change. While the median wage of an energy worker was $25.60 per hour, 34% higher than the national median, there is also a wage and benefit gap between fossil fuel workers and clean energy workers.

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ThomsonReuters

MARCH 8, 2021

Perkins established unemployment benefits and pensions for many uncovered elderly Americans with the Social Security Act. Through the Fair Labor Standards Act (FLSA), she established the first minimum wage and overtime laws for American workers and defined the standard 40-hour workweek. Unemployment taxable wage base updated.

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ThomsonReuters

AUGUST 18, 2022

The IRS may need to revise certain employment tax reporting forms, and the forms used to claim the qualified small business payroll tax credit for increasing research activities, after President Biden signed the Inflation Reduction Act ( H.R. Social Security tax up to the annual taxable wage base ($147,000 in 2022).

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MazumaBusinessAccounting

AUGUST 12, 2021

In this blog, we will review 5 different types of business entities along with their advantages and disadvantages so you can decide which works best for your business. Then, each partner is given a Schedule K-1 showing their individual share of the profits and losses, based on your agreement. Sole Proprietorship. Single-Member LLC.

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ThomsonReuters

DECEMBER 29, 2020

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Certain Deferred Payroll Taxes.

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ThomsonReuters

JUNE 2, 2023

When Tiliakos took the stage in Denver on the final day of the 2023 Payroll Org Congress, he explained how far payroll has come by going all the way back to 3000 B.C. where worker pay details were chiseled into stone tablets. food, housing, and clothing).

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ThomsonReuters

JULY 7, 2022

As your clients evaluate investments held in their brokerage accounts, consider the tax impact of selling appreciated securities before the end of the year. Selling securities that have declined in value may need to wait until 2023 to offset the potential higher tax rate. 3—Time investment gains and losses.

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ThomsonReuters

DECEMBER 3, 2020

The draft addresses issues such as qualified leave wages for 2020 paid in 2021, the impact of the 2020 COVID-19 related tax credits on the 2021 look-back period and provides further clarification on lock-in letters and invalid W-4 forms. Deferral of the employer’s share of Social Security tax. Background. Publication 15.

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ThomsonReuters

JULY 29, 2021

Now let’s go over some of the more important payroll stories from the past week. The Social Security taxable wage base is determined base on the CPI. So are a number of state and local minimum wage rates. Unemployment taxable wage base increase. Federal News. State and Local News.

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ThomsonReuters

FEBRUARY 7, 2024

Supreme Court cases from 1944 to 1947 “considered employee or independent contractor status under three different federal statutes enacted during the 1930s New Deal era – the FLSA, the National Labor Relations Act (NLRA), and the Social Security Act (SSA) – and applied an economic realities test under all three laws.”

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ThomsonReuters

DECEMBER 20, 2022

On October 13, 2022, the Social Security Administration (SSA) announced a $13,200 increase in the Social Security taxable wage base from $147,000 to $160,000 in 2023. more in payroll taxes in 2023. more in payroll taxes in 2023. What is Social Security tax? .

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