ThomsonReuters

AUGUST 19, 2021

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. Our company could also save its share of FICA taxes on the contributions.

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ThomsonReuters

MARCH 10, 2021

Provides that paid sick and paid family leave credits may each be increased by the employer’s share of Social Security tax (6.2%) and employer’s share of Medicare tax (1.45%) on qualified leave wages. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. .

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ThomsonReuters

APRIL 18, 2024

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. This may pose significant issues.

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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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LyfeAccounting

NOVEMBER 17, 2020

?. Who knew that Uncle Sam came in so many forms? 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. With that said, let’s talk about taxes.

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ThomsonReuters

JUNE 7, 2023

From the middle of the bustling expo at PayrollOrg’s 41st Congress conference in Denver on May 17, Lisa Weckman, VP of Product at Ceridian, talked with Checkpoint Payroll Update about global payroll challenges facing the industry. in many areas, including human resources and payroll. “If you just look at the U.S.,

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

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LyfeAccounting

DECEMBER 31, 2020

Paying yourself and employees? 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. Payroll Tax Filings: Forms That You Need.

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ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax. Cook County Also on July 1, the Cook County minimum wage remains $13.00

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ThomsonReuters

NOVEMBER 12, 2020

” The respect, and perquisites provided to veterans for their sacrifices to our country, have even touched the world of payroll, and on Veterans Day, we present a quick retrospective of some of the special tax provisions offered for veterans. Overview of tax breaks for those serving in the military. Types of Military Pay.

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ThomsonReuters

APRIL 9, 2021

A similar program was created during the Great Recession from 2007 to 2009 when the unemployment rate soared to over 9%. The American Recovery and Reinvestment Act of 2009 (ARRA) allowed workers who involuntarily terminated to be eligible for health coverage for up to 15 months at a reduced rate through a COBRA premium subsidy.

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Nancy McClelland, LLC

DECEMBER 29, 2022

It applies to any employee who works at least two hours in any two-week period. The term “employee” covers anyone who works at least 80 hours within a 120-day period (20 hours a month). – Employers are not required to pay out any accrued but unused sick leave upon employment termination. .

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ThomsonReuters

JANUARY 24, 2022

Meanwhile, employers across the nation, who are not prohibited by a state law, may impose their own vaccination policy. The question arises whether a worker who refuses an employer’s vaccine mandate is eligible to collect unemployment benefits, and if so, are employer unemployment accounts impacted by those claims.

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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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ThomsonReuters

FEBRUARY 7, 2022

Under proposed legislation, workers who have been employed for at least 12 months are permitted to take up to 12 weeks of paid FMLA leave. The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. of an employer’s annual wages with employees paying up to 50% of the cost ( L.

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LyfeAccounting

FEBRUARY 4, 2021

Perhaps the most important part of the December 2020 stimulus surrounds the ability to deduct the expenses that the PPP loan was used to cover for federal tax purposes. This is a big deal for your business and will potentially save you a lot of money at tax time. The IRS had previously opposed this referring to it as double-dipping.

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ThomsonReuters

JUNE 14, 2021

Department of Labor (DOL) issued Unemployment Insurance Program Letter (UIPL) 20-04 to state workforce agencies regarding the localization of work provisions. The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Localization of Work.

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ThomsonReuters

JULY 13, 2021

Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee.

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ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. 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. In the U.S., club memberships and automobiles). Federal News.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? But what does that mean for your taxes? How are C corporations taxed? What is “double taxation”?

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corporation tax Tax income tax Non-Profits 52

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. . credit for employer FICA tax paid with respect to employee cash tips.

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ThomsonReuters

APRIL 14, 2022

In November of 2021, Miami, Florida Mayor Francis Suarez responded to a tweet that asked who would be the first U.S. However, when it comes to wages, can employers pay employees in cryptocurrency? ” Can employers pay in cryptocurrency? However, can employers pay wages in cryptocurrency? What is cryptocurrency?

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ThomsonReuters

FEBRUARY 9, 2022

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. It can result in costly penalties and the payment of back wages and taxes.

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ThomsonReuters

MARCH 8, 2021

The somber event was memorialized by President Joe Biden at the White House who noted on February 11, 2021 that getting the United States vaccinated will be one of the “most difficult operational challenges.”. Perkins established unemployment benefits and pensions for many uncovered elderly Americans with the Social Security Act.

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ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. The proposals include: (1) a national paid family and medical leave program, (2) improved information reporting for backup withholding, (3) unemployment insurance modernization, and (4) increased U.S.

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payroll Vermont Tax Connecticut 98

ThomsonReuters

FEBRUARY 8, 2024

Jump to: How are LLCs taxed? How can an LLC reduce its taxes? However, LLCs also enjoy certain tax advantages that make them popular, especially for small business owners. How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income.

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ThomsonReuters

APRIL 26, 2022

for workers who lost jobs or whose hours or wages were reduced due to increased imports. provides that just transition policies must include short-term assistance such as skills retraining and upgrade, unemployment benefits, and bridges to retirement with fully funded pensions and healthcare for older workers. The state’s?

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payroll Vermont Rhode Island Hawaii 95

inDinero Accounting

JANUARY 9, 2023

With teams in different jurisdictions, there will be different tax and labor laws you will need to follow. Incubators, angel investors and often friends and family who know you, are the ones willing to inject startup capital. This is especially important for eCommerce startups who have transactions on a multitude of channels.

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inDinero Accounting

JANUARY 9, 2023

With teams in different jurisdictions, there will be different tax and labor laws you will need to follow. Check out these other blogs with tips on how to grow your startup: 6 Strategies to Help Any Startup Stay Organized. Learn more about funding your startup in our blog: 4 Tips to Build a Strong Foundation for Funding.

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LyfeAccounting

JANUARY 25, 2021

?. Paying employees in any business is a difficult task. Mostly because there are 3 sides to paying your employees: 1. Determining how much to pay your employees. Compliance, which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government. Small Business Mistakes We Made.

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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 29, 2021

At the state level, Washington State recently announced emergency rules that provide farm and other workers who work outdoors more protection from the heat. If you are an employee who works outside, please take care of yourself. Now let’s go over some of the more important payroll stories from the past week. Federal News.

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. It also has to do with a wide variety of topics such as reporting and paying taxes and keeping in compliance with laws. Payroll in a Pandemic.

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ThomsonReuters

AUGUST 2, 2021

Athletes and Equal Pay. The women’s soccer team has also made headlines recently when the team appealed a court case to overturn a 2020 decision against their equal pay lawsuit on July 23, 2021, the day the Tokyo Olympics got underway. Olympian who is currently the oldest U.S. And in the U.S. runner to make the team.

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. 5 ) that provides for supplemental unemployment benefits and other pandemic relief. But one of the Service’s more anticipated annual publications was issued early last week – Publication 15 (Circular E) Employer’s Tax Guide.

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ThomsonReuters

MARCH 1, 2021

In the early 1900s, automobile engineer Henry Ford made headlines for paying remuneration at two times the going hourly wage at the time – $5 per hour – to many of his employees. This makes a business’s payroll department very important since it is typically an employer’s greatest expense. In Like a Lion. Federal News.

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