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Applying the Research Credit Against Payroll Taxes

RogerRossmeisl

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax.

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What Are Payroll Taxes?

Patriot Software

Employers juggle many responsibilities, including calculating and withholding payroll taxes and other deductions. But, what exactly does payroll taxes include? If you’re wondering about understanding payroll taxes, never fear—your payroll taxes breakdown is here.

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Who Pays Payroll Taxes? (+ Cheatsheet)

Patriot Software

You must withhold payroll taxes from employee wages and remit them to the proper agencies. Depending on the payroll tax, you must match employee contributions. But, not all payroll taxes are created equally. So, who pays payroll taxes?

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Unpaid payroll taxes Help – Los Angeles, CA local representation firm

MyIRSRelief

According to the most up-to-date US Tax Code, all US-based business employers are required to file employment 941 / 940 Payroll Tax forms with the IRS every quarter and year-end at a prescribed date. Get employment tax help today 1-877-788-2937. Medicare tax.

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Do Nonprofits Pay Payroll Taxes?

Patriot Software

When it comes to payroll taxes, for-profit businesses have it pretty straightforward. For-profits pay payroll taxes. Do nonprofits pay payroll taxes? Do nonprofits pay payroll taxes? Payroll

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Payroll Tax vs. Income Tax

Patriot Software

Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.

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Deferring Employee Payroll Taxes 

CapataCPA

Deferring Employee Payroll Taxes The U.S. Treasury and IRS have released the initial guidance, Notice 2020-25, to put into operation the President’s Executive Order, which allows employers to defer employee payroll taxes beginning on September 1, 2020.

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How to Calculate Payroll Taxes

Patriot Software

One responsibility you have once you hire employees is withholding taxes from their paychecks. For accurate withholding, learn how to calculate payroll taxes. What are payroll taxes? When you think of payroll taxes, you might think of all […] READ MORE.

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Payroll Tax Resolution – How to Resolve Payroll 941/940 Tax Problems

MyIRSRelief

It doesn’t matter whether you think you’re above the law, whether you make a mistake, whether you fail to file on time, or anything else for that matter, if you’re needing payroll tax resolution and are on the IRS’ radar they will come for you one way or another and get what they feel they are owed.

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The Election to Apply the Research Tax Credit Against Payroll Taxes

RogerRossmeisl

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Subject to limits, you can elect to apply all or some of any research tax credit.

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How to Pay Payroll Taxes: A Step-by-step Guide

Patriot Software

There are a lot of things to keep track of as a business owner, with payroll taxes being one of them. The IRS requires you to withhold payroll taxes on your employees’ earnings and also contribute payroll taxes. Payroll

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No innocent spouse relief for payroll taxes

Accounting Today

IRS Tax Tax relief Tax-related court cases

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Payroll Tax Problems : Employment 941/940 tax representation

MyIRSRelief

If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their 940/941payroll and employment got out of hand. Now that the IRS may be involved, you will need to get the right tax firm to represent your interests during this trying time. 941/940 Payroll Tax Employment Issues.

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The Million Dollar Question: What Are Payroll Taxes Used For?

Patriot Software

With each payroll, you and your employees have to pay taxes. You collect and remit the money, but what are payroll taxes used for? We’ve got a list of each employment tax you withhold and/or contribute and where the money goes. Payroll

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The Basics of Payroll Tax Withholding

Patriot Software

When you have employees, you are responsible for paying them—but not before taking out some money for payroll taxes. The IRS, Social Security Administration (SSA), and state and locality (if applicable) all require payroll tax withholding. Payroll

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Setting up payroll for a remote team

Accounting Today

Payroll Tax State taxes Payroll taxes Tax laws

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California Payroll Tax: What You Need To Know About the Golden State

Patriot Software

Whether or not you want to admit it, payroll taxes should be one of your top concerns. Payroll taxes generally include Social Security and Medicare. But, many states have additional taxes that employers need to deduct from employee wages. Payroll

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Inflation Reduction Act potentially doubles R&D tax credit

Accounting Today

Tax credits Biden Administration Tax Payroll taxes

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Everything You Need to Know About the Eugene Community Safety Payroll Tax

Patriot Software

A new type of payroll tax is coming your way in 2021. Learn all about the Eugene Community Safety Payroll tax and whether or not you need to withhold and remit it to the city. What is the Eugene Community Safety Payroll Tax? Payroll

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The PA Employer’s No-fuss Guide to Payroll Tax in Pennsylvania 

Patriot Software

Payroll tax in Pennsylvania is notoriously difficult, confusing, and overwhelming for new and veteran employers alike. And when it comes to payroll, you probably don’t want to waste time making preventable payroll mistakes. Payroll

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Changes to Your Skagit County Business’s Social Security Payroll Taxes

SkagitCountyTaxServices

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note.

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Changes to Your Skagit County Business’s Social Security Payroll Taxes

SkagitCountyTaxServices

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note.

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Which Payroll Taxes Are the Employee’s Responsibility?

Patriot Software

As an employer, you’re well aware of which payroll taxes are paid by employers. You know you’re responsible for contributing to things like FICA, SUTA, and FUTA taxes. But how familiar are you with employees’ payroll tax liabilities? Payroll

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What the wealthy can fear from a new IRS rule on $600 payments

Accounting Today

Tax planning Fintech Mobile payments Tax Payroll taxes

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A Quick Guide to Payroll Tax Filings!

LyfeAccounting

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. ?. So you have a business?

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US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Categories of US Payroll Taxes. taxes that both employee and employer pay.

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What Is the Penalty for Not Paying Payroll Taxes?

Patriot Software

Collecting, reporting, and remitting payroll taxes are some of your key responsibilities when you have employees. And if you forget or downright neglect your responsibility, your small business could receive a penalty for not paying payroll taxes. Payroll

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IRS Issues Preliminary Guidance for Claiming New Payroll Tax Credits Provided by Families First Coronavirus Response Act

Katz,Sapper&Miller

On March 20, the IRS, the Treasury Department, and the Labor Department announced preliminary guidance (via IR 2020-57) for claiming the new payroll tax credits provided under the Families First Coronavirus Response Act.

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What Is Self-employment Tax?

Patriot Software

Self-employed individuals must pay a unique payroll tax called self-employment tax. What is self-employment tax? In this article, you’ll find out everything you need to know about self-employment tax. Payroll Payroll TaxesAre you self-employed?

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The R&D Tax Credit and Payroll-Tax Offset Swirl: It’s A Tax Treat for Qualified Small Businesses

inDinero

Did you know your business could qualify for a ‘sweet’ tax credit. If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy. What is the R&D Tax Credit? Tax Tips R&D Taxes

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Colorado Paid Family Leave: FAQs About the Program

Patriot Software

It means you have a new payroll tax […] READ MORE. Payroll Payroll Taxes State-mandated LawsState paid family leave (PFL) programs aren’t slowing down anytime soon.

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What You Need to Know About California Paid Family Leave [+ FAQs]

Patriot Software

If you’re an employer in California, you must withhold PFL contributions from employees’ wages while running payroll. Payroll Payroll Taxes State-mandated Laws

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A Closer Look at Medicare and Medicare Taxable Wage

Patriot Software

As an employer, you’re responsible for payroll taxes, like Medicare tax. So, what’s the purpose of Medicare tax? Medicare tax overview Medicare taxable wage is defined as gross earnings minus non-taxable income. Payroll Payroll Taxes

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What Is Filing Status, and How Does It Affect Payroll?

Patriot Software

Withholding federal income tax from employee wages is a necessary (but tricky) part of running payroll. There is no standard amount you withhold from employee wages for federal income taxes. Payroll Payroll Taxes

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What Is the Best Payroll Software for Small Business? 

Patriot Software

Software can make payroll—and your life—much easier. But it’s easy to get overwhelmed when shopping for payroll software. So, what is the best payroll software for small business? […] Read More. Payroll Paying Employees Payroll Taxes

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In the blogs: Difficult but important

Accounting Today

Tax planning Tax preparation IRS Social media Payroll taxes Tax tools Tax avoidance Google

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Payroll Taxes vs. Income Taxes | What’s the Difference Between Payroll and Income Tax?

LyfeAccounting

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. With that said, let’s talk about taxes. 3 Tax Plan.

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New AZ State Income Tax Form Requires Employer Action

Patriot Software

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? Payroll Human Resources Payroll Taxes State-mandated Laws

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Proposed Payroll Tax Cuts Could Make Paychecks Larger

PYMNTS

If the coming pandemic relief package does not come with a payroll tax cut, President Trump has indicated this week that he will not sign the legislation. Tax Foundation Senior Policy Analyst Garrett Watson said per the report, “Both sides have said it’s not well-targeted.”

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Form W-9 vs. W-4: What Are the Right Forms for Employees and Contractors?

Patriot Software

You must withhold the right amount of taxes on employee wages when paying employees. To keep tax information straight between independent contractors and employees, you need to know the difference between Form W-9 vs. W-4. Payroll Paying Employees Payroll Taxes

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Startup Companies: Can the R&D Payroll Tax Credit Help You?

Katz,Sapper&Miller

For many startup companies, the first several years of business can be a period of heavy research and development (R&D) activity, as the founders work to bring the business’ products or processes to market. Unfortunately, this period is also often marked by heavy expenses and minimal revenue, resulting in operating losses for the company. Even the most successful startup business may take several years before it is able to finally show a net taxable profit

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Employee Discounts: A Morale & Sale Boost in One 

Patriot Software

Payroll Paying Employees Payroll TaxesWant to encourage employees to sport your company’s apparel? Or, looking for an employee benefit that’s appealing to new hires? You may consider offering employee discounts.

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State Tax ID: What Is It, How to Apply, & Beyond

Patriot Software

More than likely, you also need a state tax ID number. Payroll Payroll Taxes State-mandated LawsIf you have employees, you have responsibilities—one of which is to obtain a Federal Employer Identification Number (FEIN). But, that’s not the only identifying number you need.

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