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As accountants and CPAs, dealing with payrolltaxes is essential to managing finances for your business clients. Understanding the details of payrolltaxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Filing tax returns and remitting payments on time.
Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payrolltax complications. Multi-state payrolltax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.
This changing employment landscape requires employers to reassess their payrolltax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.
Although he wasn’t involved with payroll, he had check-signing authority over one bank account used solely to buy parts for the business. But the manager wasn’t aware of the company’s failure to pay employment taxes on time. Now a district court in Pennsylvania has determined that he isn’t a responsible person (Powell, Civil Action No.
She is the CEO of CorpNet , the most innovative way to start a business, register for payrolltaxes, and maintain business compliance across the United States. States with tighter schedules include Illinois and New York (up to 60 days) and Virginia (up to 15 days).
Finally, SUI tax rates tend to change from calendar year to calendar year and can rise or fall depending on the economy and the state’s unemployment fund status. Some states require employers to pay additional payrolltaxes. In Kentucky, employers are required to withhold an Occupational Tax from employees’ wages.
By Al-Nesha Jones, CPA, MBA Generation X—aka the Sandwich Generation, Latchkey Kids, Baby Busters, and even the Forgotten Generation—will soon be approaching retirement age. Small business owners typically struggle with saving for retirement because they juggle operating expenses, payroll, taxes, and financing growth opportunities.
“Budget Committee Democrats will make sure every American family knows that House Republicans want to force Americans to work longer for less, raise families’ costs, weaken our nation, and shrink our economy—all while wasting billions of dollars on more favors to special interests and handouts to the ultra-wealthy,” said Pennsylvania Rep.
The poll was conducted among registered voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin between April 8-15. Around one-fourth of poll respondents supported those policies, while about a third support increasing payrolltaxes. The surveys were conducted online from April 8-15.
And seniors are well-represented in swing states like Pennsylvania, Michigan, Wisconsin, Florida and Arizona. The payrolltax increase in Craig’s bill also would restore full Social Security solvency through 2054, about two decades longer than under current law, according to the Social Security Administration.
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