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

CPA Practice

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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Sales and Use Tax Updates from February

TaxConnex

Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. Minnesota wants comments on possible rules governing sales and use tax recordkeeping and consolidated return requirements. Texas sales tax collections totaled $3.07 20 and April 14 to April 15, 2021.

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