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Payroll Taxes for an Employer: How Is Payroll Tax Calculated?

Snyder

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. It is not intended to provide any tax advice.

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Coronavirus Aid, Relief and Economic Security (CARES) Act

VetCPA

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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Biden’s 2025 Budget Rejects Any Cuts to Social Security and Medicare

CPA Practice

The Social Security Administration’s (SSA) trust fund reserves—which supplement the program’s income largely from payroll taxes—help SSA pay full benefits. But these reserves face a long-term shortfall that, if Congress does not act to shore up the funding, will result in about a 20% cut in benefits to beneficiaries in 2034.

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2020 vs. 2021 Employee Retention Credit Comparison Chart

KROST

Eligible employers can receive a refundable payroll tax credit of 50% of wages paid to employees between March 13th, 2020 and December 31st, 2020. Eligible employers can receive a refundable payroll tax credit up to 70% of qualifying wages paid between January 1, 2021 and July 1, 2021. Jason Melillo, CPA, Principal.

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Is The Employee Retention Tax Credit Right For Your Skagit County Business?

SkagitCountyTaxServices

The newer rules added ERC eligibility for the second half of this year for more businesses like public universities, hospitals and medical-care providers, “recovery startup businesses” that opened their doors after Feb. The post Is The Employee Retention Tax Credit Right For Your Skagit County Business? 360-424-1040.

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Your Guide to 2022 R&D Tax Credits

Shay CPA

As we mentioned, if your business brings in less than $5 million in gross receipts and is under five years old, you can apply up to $250,000 of your research credit toward your social security payroll tax liability. As you start to think about your 2022 taxes, factor this potentially major tax credit into the mix.

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Changes to Your Skagit County Business’s Social Security Payroll Taxes

SkagitCountyTaxServices

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.