Snyder

FEBRUARY 12, 2023

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 has to be included?

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ThomsonReuters

JULY 25, 2023

Overpayments and repayments are two of the most common anomalies that could complicate year-end and W-2 processing. Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes?

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ThomsonReuters

APRIL 25, 2023

The CPI and payroll are intertwined in a variety of ways. Employers and payroll professionals look to these monthly numbers to make changes and adjustments to payroll systems and also to forecast possible impact on the business in the near future. What is the CPI? What are the differences between CPI-U and CPI-W?

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ThomsonReuters

NOVEMBER 27, 2023

The ALV is determined according to a table as provided in IRS regulations (see Payroll Guide ¶3580 ). Step 1: Determine the ALV of the vehicle with an FMV of $32,500 (see Payroll Guide ¶3580 for the ALV table). Step 2: Determine the monthly ALV. But the value of that perk is generally taxable. How do you calculate PUCC?

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ThomsonReuters

JANUARY 14, 2022

The top payroll related searches for 2021. Payroll practitioners and employers alike continue to be challenged by the unique issues that COVID-19 has imposed on payroll administration. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021.

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ThomsonReuters

NOVEMBER 27, 2023

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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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. These programs completely automate the process of calculating and filing your payroll taxes.

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Nancy McClelland, LLC

DECEMBER 28, 2022

As anyone who’s worked with me — clients, team members, colleagues, vendors — knows, I adore Gusto Payroll. They truly changed my life for the better (not to mention the lives of thousands of small business owners) when they decided to create a tech-forward payroll company that seamlessly syncs with QuickBooks Online.

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Nancy McClelland, LLC

DECEMBER 28, 2022

Note: much of the information below was pulled from the old Polito Eppich website — however, they have since merged with another firm to become Magnus Blue , and as such have removed their former blog content. If you’re not careful, then the deduction is mistakenly taken on both the entity-level and personal returns.

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ThomsonReuters

MARCH 5, 2024

Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Possibility of retroactive changes He also believes that “from a payroll perspective…whatever changes come, they’re going to come late.”

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LyfeAccounting

NOVEMBER 17, 2020

With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. To start, I didn’t know what forms I needed to fill-out. I missed payroll tax filing deadlines that cost me thousands of dollars. I missed payroll tax filing deadlines that cost me thousands of dollars.

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ThomsonReuters

APRIL 18, 2024

Challenges presented by the hybrid worker for human resources and payroll With over 30 years of experience in state and local tax laws, Lynn A. Challenges presented by the hybrid worker for human resources and payroll With over 30 years of experience in state and local tax laws, Lynn A.

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Shay CPA

FEBRUARY 28, 2024

You should make sure your year-end inventory has been completed and payroll’s been reconciled, for example. #2: 2: Get the essentials gathered Not so very long ago, this meant rummaging through filing cabinets to pull all of the paper documentation your accountant would need. Amazon, Staples) Payroll (e.g.,

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ThomsonReuters

FEBRUARY 28, 2024

No matter what the culture of the firm is, you will be successful, the professor said. No matter what the culture of the firm is, you will be successful, the professor said. She decided to skip law school and instead took a job as a bookkeeper, finding her chosen profession and going back to school to earn her CPA. Their response?

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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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Shay CPA

FEBRUARY 15, 2023

You should make sure your year-end inventory has been completed and payroll’s been reconciled, for example. #2: 2: Get the essentials gathered Not so very long ago, this meant rummaging through filing cabinets to pull all of the paper documentation your accountant would need. Amazon, Staples) Payroll (e.g.,

Tax 52

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LyfeAccounting

JANUARY 25, 2021

And it could be extremely stressful if you don’t know what you’re doing. I’ve been through it all, from trying to figure out how to do payroll for my very first employee, to figuring out how much I should pay my employees. I’ve paid thousands of dollars in payroll tax penalties. Determining how much to pay your employees.

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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. What is the IRS Form 941? What taxes are reported on Form 941? Who needs to file Form 941?

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LyfeAccounting

JULY 12, 2021

So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. Unlike W-2 employees who have their taxes withheld from their paychecks by the company they work for, the self-employed are responsible for withholding their own taxes.

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ThomsonReuters

MARCH 1, 2024

What IRS tax forms do S corps file? In addition, the business owner of an S corp is required to pay themselves a W-2 salary (with taxes withheld), which is reported as income on the S corp owner’s IRS Form 1040. What are the tax advantages of an S corporation? Jump to: How are S corporations taxed?

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LyfeAccounting

JUNE 4, 2021

Should it be deducted from your paycheck, paid quarterly at tax time, or what? You’ve probably heard of several ways of paying yourself from your business – like dividends, distributions, draws, W-2 wages, and so much more. Because of this, you do not have to pay yourself W-2 wages.

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LyfeAccounting

MARCH 5, 2021

Tax Differences: What Are The Taxes Involved For All Entities? ?. Which business entity is going to save you the most money on your taxes? Sole proprietor vs LLC vs S-Corp vs. C-Corp – which one should you choose? Now, your tax expense can greatly vary based on the entity you select here. With that said, let’s begin. Double Taxation.

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LyfeAccounting

JULY 28, 2021

And that is by hiring them in your business and placing them on the payroll. Today, we’re excited to show you how to hire your kids and put them on the payroll. You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need. It’s simple.

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LyfeAccounting

JANUARY 19, 2021

That’s why in this post, I want to make sure everyone understands what they need to know about getting approved for the new PPP Loan. Alright, so here’s what you need to know to get the PPP loan in 2021. ?. It’s finally happening! The PPP loan is being expanded for 2021. And if you have an existing PPP loan. Feds recently seize $8.4

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ThomsonReuters

APRIL 14, 2022

What is cryptocurrency? What’s the appeal of being paid in cryptocurrency? In November of 2021, Miami, Florida Mayor Francis Suarez responded to a tweet that asked who would be the first U.S. politician to receive their first paycheck in Bitcoin. However, when it comes to wages, can employers pay employees in cryptocurrency?

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ThomsonReuters

DECEMBER 5, 2022

The shutdown did not affect any IRS payroll-related deadlines. Some Form W-2 submissions also affected. Also, the due date for submitting Form W-2 (Wage and Tax Statement) files on the SSA’s Business Services Online (BSO) was delayed during this government shutdown. Department of Labor (DOL). 10/13/2013).

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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. What’s New. Background. Employer Identification Number.

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ThomsonReuters

FEBRUARY 7, 2024

On January 10, 2024, the U.S. “For the most part, the way that the economic realities test had formed was through court cases and the precedent that was created by those cases.” ” According to the DOL, a series of U.S. A proposed rule was issued in 2022, which received more than 55,000 comments.

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ThomsonReuters

APRIL 24, 2024

Checkpoint Payroll Update caught up with John Wertz, tax attorney and partner at Holland & Knight’s New York office, to discuss this first-of-its-kind law. Employees should check their W-2s and confirm that federal wages (Box 1) do not equal state wages (Box 16) if overtime wages were earned in applicable tax years.

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ThomsonReuters

AUGUST 15, 2022

What is the EEOC? The EEO-1 annual survey report is required to be submitted to the EEOC by: (1) employers with federal government contracts of $50,000 or more who have 50 or more employees, and (2) employers who do not have a federal government contract but have 100 or more employees. EEO-1 Component 2 data. OMB, D.D.C. ,

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ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. In Like a Lion.

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