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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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Employment Laws in Hong Kong

Global People Strategist

4. Pay and Social Security On May 1, 2019, Hong Kong’s minimum wage rate rose to HKD 37.50 (approximately USD 4.78) per hour. Payment of taxes in the area remains the responsibility of those earning wages and salaries and employers do not have any legal obligation to withhold tax through payroll systems.

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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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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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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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How to Manage Better the Payroll of Your Employees 

Hppy

Do you want to figure out how you can manage your payroll effectively? From processing paychecks, keeping track of labor laws, maintaining compliance, calculating deductions and bonuses, and tracking all tax-related documentation, payroll is an aspect of business that is fraught with the potential for mistakes. .

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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.