ThomsonReuters

APRIL 25, 2024

If your client receives retirement benefits in the form of pension or annuity payments from a qualified employer retirement plan, all or some portion of the amounts they receive may be taxable unless the payment is a qualified distribution from a designated Roth account. Delay Social Security. Work alongside your client’s financial advisors.

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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. Types of US Payroll Taxes. So let’s get started!

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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

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 each up to the annual taxable wage base ($147,000 in 2022).

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ThomsonReuters

FEBRUARY 10, 2022

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. Virgin Islands. Federal Unemployment Tax Act (FUTA) taxes are paid and reported by employers.

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ThomsonReuters

AUGUST 5, 2021

On August 4, 2021, the IRS released Notice 2021-49 that provides additional guidance regarding claiming the Employee Retention Credit (ERC) for employers who pay qualified wages after June 30, 2021, and before January 1, 2022 [IR 2021-165,?Notice The CAA also expanded the ERC rate of credit from 50% to 70% of qualified wages. .

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LyfeAccounting

JUNE 4, 2021

You’ve probably heard of several ways of paying yourself from your business – like dividends, distributions, draws, W-2 wages, and so much more. You don’t need to worry about setting up payroll accounts, withholding taxes, or anything like that, unless you are electing to be taxed as an S-Corporation. So let’s begin!

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Xero

MAY 16, 2023

And a good place to start is with finalising payroll. This EOFY in Xero Payroll will be slightly different than previous years. Because of the introduction of Single Touch Payroll (STP) Phase 2 reporting. Now that you’ve made the transition, you can prepare your payroll data for STP finalisation.

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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

JULY 12, 2021

Your income tax is based on all wages tips and salaries minus any deductions, credits, and adjustments. On the other hand, self-employment tax is based only on the net income from being self-employed and not all other income. Well, 50% of your self-employment tax is deductible when calculating your self-employed taxable income.

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ThomsonReuters

JUNE 14, 2021

The UIPL discusses the principles for determining where wages should be reported when work is performed entirely in one state or in a number of different states. The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Federal News.

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ThomsonReuters

JULY 13, 2021

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. Arizona legislation will increase the state’s unemployment taxable wage base from $7,000 to $8,000 in 2023. Unemployment taxable wage base increase.

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ThomsonReuters

MARCH 15, 2021

This section was added after the American Jobs Creation Act of 2004 was signed into law and covers compensation arrangements, such as salary and bonus deferral arrangements, severance pay arrangements, taxable reimbursement arrangements, and certain in-kind benefits (i.e., The taxable wage base increases to $11,800 ($11,600 in 2020).

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ThomsonReuters

JUNE 21, 2021

IRS disagrees with court regarding PEOs and wages. . that a professional employer organization, rather than its clients, had “control over the payment of wages” and thus was entitled to the IRC Sec. Agricultural worker wage protection. . The IRS has?announced announced its non-acquiescence to the holding by the U.S.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. The Connecticut Department of Labor (DOL) has updated its COVID-19 FAQs for taxable employers to reflect recent legislation removes coronavirus (COVID-19) pandemic layoffs from the calculation for determining unemployment tax rates.

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ThomsonReuters

MARCH 8, 2021

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. Perkins chose to challenge and made changes in many ways for women but also for the payroll professional. In 1933, Perkins appeared on the cover of Time magazine.

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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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ThomsonReuters

JANUARY 9, 2024

In addition to various rules for income tax deductions and depreciation , C corps also pay several other types of taxes, such as property taxes, payroll and unemployment taxes, sales and use taxes , and excise taxes—though some of these costs are passed on to consumers. C corps file federal income taxes using IRS Form 1120 , the U.S.

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ThomsonReuters

FEBRUARY 6, 2024

Non-transferrable, the tax is borne by the taxpayer Examples include income tax, corporate tax, and property tax Indirect taxes Levied on goods and services Are based on the value of the good or service Considered a regressive tax Transferrable, with consumers ultimately paying the tax.

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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

JULY 7, 2022

The applicable rate depends on your client’s taxable income. If your client receives virtual currency as payment for services, it is considered taxable income and will be subject to both income and Social Security taxes. The post 10 midyear tax planning moves appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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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

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. of wages up to the annual taxable wage base (self-employed pay 12.4%).

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. Calls for $15 Minimum Wage Silent for Now. President Biden’s call for a $15 federal minimum wage is one of the items from his COVID-19 plan that did not make the U.S. The current national minimum wage is $7.25

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