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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Filing tax returns and remitting payments on time.

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New Washington State Payroll Tax Targets Long-Term Care Expenses

CPA Practice

The state’s Supreme Court recently upheld a controversial capital gains tax , which has been re-challenged in court and could be on the state’s ballot in November for potential repeal. Will other states, like California, implement similar initiatives involving payroll tax deductions? What is long-term care?

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House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026). The You Earned It, You Keep It Act is referred to as a “win-win” by its sponsor, Minnesota Rep. As Kiplinger reported, the Social Security tax wage base jumped 5.2%

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