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Payroll errors and how to avoid them

ThomsonReuters

For business owners, payroll is complex and often their greatest expense. For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms.

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What’s Hot on Checkpoint for Payroll and Benefits Professionals?

ThomsonReuters

Who needs to know : Payroll professionals, payroll departments, tax departments, third-party payroll providers. Who needs to know : Payroll professionals, payroll departments, tax departments, third-party payroll providers. Payroll Guide ¶4264 Basic Principles. Not yet a subscriber?

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Can Our Employees Make Pre-Tax Payroll Contributions to Their HSAs If We Don’t Have a Cafeteria Plan?

ThomsonReuters

Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions. HSA contributions) and a taxable benefit (e.g., cash or regular pay). cash or regular pay).

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Congress Passes ARPA With Many COVID-19 Payroll-Related Provisions

ThomsonReuters

Allows for the credits for paid sick and family leave to be structured as a refundable payroll tax credit against Medicare tax only (1.45%), beginning after March 31, 2021. Increases the amount of wages for which an employer may claim the paid family leave credit in a year from $10,000 to $12,000 per employee.

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Economist breaks down Consumer Price Index for payroll

ThomsonReuters

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 is the CPI? population. population.

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US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

Today, we’re going to be deep-diving into US payroll taxes. It doesn’t matter if you have one employee, 10 employees, 50 employees or haven’t even started your business yet, you are going to want to read this post in its entirety. Categories of US Payroll Taxes. taxes that both employee and employer pay.

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How are S corporations taxed? Tips for filing and reducing taxes as a pass-through entity

ThomsonReuters

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. Jump to: How are S corporations taxed?