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Time to reprogram your payroll system for 2020 withholding

Business Management Daily

In a very Grinch-like fashion, the IRS has coughed up some of the withholding instructions you need to begin reprogramming your payroll systems for 2020 withholding. It’s also released a draft of the 2020 Circular E , the Employer’s Tax Guide. You need to program your payroll system to do that, too. But only some.

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If You’re Paid Biweekly, You’ll Probably Get an Extra Paycheck in 2020

HR Digest

Or will the amount of each paycheck in 2020 be lower than in 2019? For example, if you make $50,000 a year, your biweekly gross pay over 26 pay periods is $1,923.07, minus any deductions like health insurance, 401(k) contributions and taxes. Similarly, federal income tax withholdings might differ on your paycheck as well.

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Tips for stress-free payroll tax filing

PeopleStrategy

Ah, tax season – it doesn’t exactly have anyone singing “It’s the Most Wonderful Time of the Year,” but payroll taxes and tax-related, year-end forms are critical responsibilities that cannot be ignored or put off until the last minute. Looking ahead to easier payroll tax filing processes.

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How to comply with the 2020 W-4 and withholding changes

Business Management Daily

For decades, payroll departments have used two basic principles to withhold income taxes from employees’ pay: Employees indicate the number of their withholding allowances on their W-4s and you figure their income tax withholding based on those W-4s and your pay period. 15-T, which is the withholding instructions for employers.

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Single Touch Payroll Phase 2: What to expect

Ascender

Single Touch Payroll (STP) left the Australian payroll world abuzz in the past year, with how it changed the way business reported their payroll information to the Australian Taxation Office (ATO). The first phase of STP reporting included high-level data such as Gross, Tax, Allowances, Deductions, Lump Sums and Fringe Benefits.

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The 2020 W-4 continues to confound

Business Management Daily

Few people think about income tax withholding, because, let’s face it, there are tons of other things to think about. So when people do start thinking about income tax withholding, they’re confused. Blame Congress—the Tax Cuts and Jobs Act didn’t give the IRS authority to require everyone to refile their W-4s with their employers.

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2020 W-4: 2nd draft and your questions answered

Business Management Daily

Reminder: The IRS wants you to begin reprogramming your payroll systems based on this second draft. What do we do next year about an employee who claimed exempt on a 2019 W-4? To ensure that enough taxes are withheld, couples have three options: One (or both) can have taxes withheld as if they were single.