ThomsonReuters

JULY 1, 2022

In a previous edition of the Certified Payroll Professional (CPP) Corner, we talked about gross ups. In Payroll Guide ¶4115 , we discuss the IRS’s formula for completing a gross up. 100% – 29.65% (7.65% + 22%, the federal tax withholding rate for bonuses) = 70.35%. Gross ups. 500 ÷ 70.35% = $710.73.

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ThomsonReuters

NOVEMBER 27, 2023

As the holidays approach, many employers plan on paying out bonuses, incentives, or other supplemental wages to employees that may have unexpected tax and compliance implications. Payroll Guide ¶ 4100 et seq. Whichever option you choose will have different tax and compliance implications.

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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. We asked what item must be included in the regular rate of pay for the purposes of figuring the regular rate of pay for overtime purposes? Regular rate of pay for overtime. Previous question.

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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

JULY 25, 2023

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? In simple terms, an overpayment on taxes is paying more than what is owed.

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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. As a business owner, understanding how to navigate taxes can be extremely overwhelming. To start, I didn’t know what forms I needed to fill-out. What are Income Taxes?

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LyfeAccounting

DECEMBER 7, 2020

Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

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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?

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income tax tax return payroll Tax 98

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

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LyfeAccounting

DECEMBER 31, 2020

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. And have noticed that taxes were withheld from their paychecks.

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ThomsonReuters

MARCH 22, 2021

Keeping Up with Taxes. The legislation levied a direct tax on the American Colonies in an effort to pay off debts and defend new American territories won from the French in the Seven Years’ War. So, why the brief history lesson on American Colony taxes? For payroll, in particular, there are a number of taxes.

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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

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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Snyder

JUNE 13, 2022

Tax calculations can be tedious and complicated, and if you’re not careful, your Shopify store might run into legal troubles. What Is an EIN? Businesses use EINs for a variety of purposes, including opening business bank accounts, filing taxes, and hiring employees. Instead, you can use your social security number.

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ThomsonReuters

FEBRUARY 8, 2022

1) Communicate clearly to win new tax clients. When you seek to win new tax clients, it’s best to start at the beginning. Do you know what your clients and prospects want, especially in terms of communication? How do you begin to know the best way to win new tax clients and retain your existing client base?

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xendoo

AUGUST 24, 2021

Payroll , however, is most likely not their passion. How do taxes factor in? Tax filing is simplified too! In this blog post, we will walk you through paying yourself as a sole proprietor! . The remaining amount is referred to as ownership equit y, which is what you will take your draw from. How Do I Pay Myself?

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services.

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ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

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LyfeAccounting

JUNE 11, 2021

But what in the world is a reasonable salary? Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. What is an S-Corporation? Let’s start by telling you what it is not. An S-Corporation is a tax entity.

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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. That probably means you — and if this sends you into a panic, no fear… we’re going to outline what the requirements are and will offer a couple of suggestions for getting into compliance. What Is Illinois Secure Choice?

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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. That probably means you — and if this sends you into a panic, no fear… we’re going to outline what the requirements are and will offer a couple of suggestions for getting into compliance. What Is Illinois Secure Choice?

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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. Virgin Islands.

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South Dakota Wisconsin North Carolina Nebraska 52

ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? What is a C corporation? What is an S corporation? What is an LLC? Many entrepreneurs wonder what types of business ownerships are possible and how to determine which one is right for their business. What are the main types of business ownership?

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income tax Tax Legal tax return 75

LyfeAccounting

JULY 20, 2021

You see, everyone talks about getting an LLC but not many people talk about what to do after you start an LLC. And this is kind of scary if you don’t know what to do. So in this post, we’re going to tell you what to do after you start an LLC. What to Do After You Start an LLC. We wish it was that easy, right?

income tax 52

income tax payroll tax accounting and finance Tax 52

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

NOVEMBER 2, 2020

This is because selecting between these two options will determine your tax outcomes for both you and your employees. Because if we’re being honest, your payroll is the number one reason why people would even consider working with you. Okay, so here’s what we’re going to cover. #1 What is a 1099 Worker? Things get real.

payroll tax 52

payroll tax Tax Legal payroll 52

ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. What is the Consumer Price Index? For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits. Recently, the high rate of inflation is a topic of importance and concern.

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Ryan Lazanis

APRIL 4, 2022

You’ll set up a long-term vision of what you want your own business to achieve and work backward to arrive at immediate priorities to focus on. I recommend developing a persona for your ideal client when talking about how to start an accounting business: What industries are they in? What challenges do they have?

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ThomsonReuters

FEBRUARY 10, 2021

The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Individual Returns.

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ThomsonReuters

APRIL 14, 2022

What is cryptocurrency? What is cryptocurrency? A cryptocurrency is a digital or virtual currency that is secured by cryptography. What’s the appeal of being paid in cryptocurrency? What the U.S. This includes things from airline tickets to healthcare and luxury items like watches and sports cars.

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ThomsonReuters

MARCH 8, 2021

Perkins established unemployment benefits and pensions for many uncovered elderly Americans with the Social Security Act. Perkins chose to challenge and made changes in many ways for women but also for the payroll professional. According to legendary screen actress Bette Davis, “The key to life is accepting challenges.”

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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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payroll payroll tax Tax tax preparation 52

LyfeAccounting

JULY 12, 2021

It was recently determined that nearly 30% of Americans are self-employed, and 100% of the self-employed hate paying taxes. 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. What are Self-employment Taxes?

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Now, your tax expense can greatly vary based on the entity you select here. So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Legal vs Tax Entity. So, you’re taxed twice.

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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. When it comes to your business taxes, filing is quick and easy. You can file your business taxes with your personal taxes using a Schedule C form.

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Snyder

JUNE 20, 2022

What is small business accounting? Get to know small business tax obligations and procedures. What is small business accounting? What is small business accounting? Let’s start with defining what small business accounting is. Accounting is the language of numbers. Contents: 1. Open a business bank account.

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