SMBAccountant

NOVEMBER 17, 2021

One of the most common errors is derived from posting expenses as cash comes out of the bank. This typically happens in at least 2 withdrawals; net pay and payroll taxes. You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. Many do nothing.

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payroll payroll tax income tax Expense Reimbursements 130

ThomsonReuters

MARCH 15, 2023

Payroll on Checkpoint asked  Jeffrey Paravano , partner at  BakerHostetler  and leader of the firm’s national tax practice group, to share his thoughts. ​ ​Extension of statute of limitations​ The IRS recently issued another alert to businesses and tax practitioners regarding scams related to the employee retention credit (ERC).

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payroll tax payroll Tax Construction 52

xendoo

JULY 15, 2022

Not only do you have to calculate wages, but you must also account for employment taxes—income, Social Security and Medicare. Also known as Employer Tax ID, an EIN is a unique nine-digit number that identifies your business for tax purposes. For example, a few states like Florida do not collect state income taxes.

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payroll payroll tax income tax Tax 59