Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

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MyIRSRelief

NOVEMBER 29, 2019

One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government.

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ThomsonReuters

FEBRUARY 14, 2022

Withholding : Federal income tax (FIT) is not withheld; however, FICA (Social Security and Medicare taxes) must be withheld. . FUTA: Subject to FUTA (Federal Unemployment Taxes) when $7,000 wage cap has not yet been met. . See list of state tax agencies available on the IRS website. . State withholding.

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Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax 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.

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CPA Practice

FEBRUARY 5, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.

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CPA Practice

DECEMBER 27, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following severe tornadoes and storms that began on Dec. 9, the IRS has announced a Tennessee tax deadline extension for affected taxpayers. Eligible individuals and businesses now have an extended tax deadline of June 17, 2024. 9, 2023, and June 17, 2024.

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CPA Practice

SEPTEMBER 12, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following Tropical Storm Idalia, the IRS has granted tax relief to South Carolina residents impacted by the storm. The relief includes certain extended federal tax filing and payment deadlines. Some state tax filing and payment deadlines have also been extended.

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ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. The following local income tax rates will increase on July 1: (1) Cridersville increases to 1.5% Washington. per hour. .

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ThomsonReuters

MARCH 22, 2021

So, why the brief history lesson on American Colony taxes? To illustrate the point that there are a lot of taxes to keep up with, even back in Colonial times. For payroll, in particular, there are a number of taxes. Is there interest on the late taxes? A number of those pages will directly affect payroll.

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CPA Practice

MARCH 12, 2024

The Social Security Administration’s (SSA) trust fund reserves—which supplement the program’s income largely from payroll taxes—help SSA pay full benefits. All contents copyright 2024 The Kiplinger Washington Editors Inc. For a copy of the 188-page budget, visit the whitehouse.gov site.

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CPA Practice

JUNE 1, 2023

Therefore, if the goal is to maximize income, typically the longer you wait, the better. Pre-tax retirement accounts This includes traditional IRAs, 401(k)s, 403(b)s, 457s, SEP IRAs, etc. Basically, all the accounts you have yet to pay income taxes on. All contents copyright 2023 The Kiplinger Washington Editors Inc.

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CPA Practice

MAY 11, 2023

Can the Earned Income Tax Credit Help You? Take advantage of tax credits and deductions. Keep in mind that there are several tax credits and deductions that you may qualify for and that you should take advantage of. Consider the Earned Income Tax Credit (EITC) if you have a low to moderate income.

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Shay CPA

DECEMBER 7, 2022

Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts. State franchise and income tax accounts. Washington. File away R&D tax credit and pandemic aid documentation. Workers’ compensation. New Jersey.

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CPA Practice

APRIL 29, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Investing can help you increase your net worth, but capital gains taxes could slow your progress. And the federal capital gains tax isn’t the only thing to worry about. on income exceeding $1 million. Washington, D.C.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S.

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax.

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CPA Practice

OCTOBER 16, 2023

Taylor, Kiplinger Consumer News Service (TNS) Many Californians thought their taxes were due today (Oct. 16), but the IRS has further postponed tax deadlines for people in 58 counties impacted by natural disasters last winter. 16, 2023, to file their 2022 federal income tax returns and pay any tax due.

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CPA Practice

FEBRUARY 7, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted Maine tax relief to areas of the state impacted by severe storms late last year. Affected taxpayers now have extended tax deadlines of June 17, 2024, to file certain tax returns and make tax payments. 17, 2023, through June 17, 2024.

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CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 20, 2023, to Feb. 31, 2023, and Jan.

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TaxConnex

MARCH 30, 2023

The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s at stake for the revenue of states that already have their own sales tax? The provisions This bill imposes a national sales tax on the use or consumption in the U.S. What’s in the bill? The big view?

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CPA Practice

NOVEMBER 1, 2023

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Moreover, some of the income for high-income workers is often dependent on the stock market performance, which declined in 2022.” The knocks to personal incomes affected state revenues.

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. It also has to do with a wide variety of topics such as reporting and paying taxes and keeping in compliance with laws. Payroll in a Pandemic.

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CPA Practice

MARCH 7, 2023

By Justin Sink and Josh Wingrove, Bloomberg News (TNS) President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. The Democrats’ budget resolution had many amendments introduced to it in the Senate on February 5, 2021, including a topic that has been on the minds of many payroll professionals during the COVID-19 pandemic – teleworking.

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Going Concern

DECEMBER 23, 2022

Because robots can replace jobs, the idea goes, a stiff tax on them would give firms incentive to help retain workers, while also compensating for a dropoff in payroll taxes when robots are used. The post Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots?

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