CPA Practice
JULY 12, 2023
Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SIT Tax?
CPA Practice
APRIL 9, 2024
These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.
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Snyder
JUNE 9, 2022
For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.
ThomsonReuters
APRIL 25, 2024
As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.
TaxConnex
APRIL 12, 2022
A Kansas House tax committee has approved legislation that would shrink the overall statewide sales tax on general purchases to 6.3% and nearly halve the state sales tax on groceries, to 3.5%. The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though.
CPA Practice
APRIL 12, 2023
By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.
Anders CPA
MAY 15, 2023
Below we dive into the state and unemployment tax responsibilities employers need to know. It’s important to remember an out-of-state employee will be considered an employee in the state in which they work , not the state in which the business is based or in which the employee lives.
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