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

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Filing tax returns and remitting payments on time.

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Heads Up! Payroll Changes Coming in July

ThomsonReuters

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. On July 1, the minimum wage increases to $9.00 New Mexico.

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Direct vs. indirect tax: the differences

ThomsonReuters

Corporate income tax is a significant source of revenue for governments. In fact, it is the third-largest source of federal revenue, albeit smaller than individual income tax and payroll taxes. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities.

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