Business Management Daily

DECEMBER 7, 2021

share of Social Security taxes last year, the time to make your first payment is approaching quickly. You’ll receive a separate notice for each quarter you deferred the deposit of your taxes. Your make-up payments must be made separately from your other tax deposits. If you deferred depositing your 6.2% 3, 2022, and Jan.

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Business Management Daily

AUGUST 17, 2020

President Trump’s executive order suspending the employee portion of Social Security taxes, issued two weeks ago, left many employers wondering what to do. Then, the Treasury Department offered some clarity on the payroll tax. We’ve spent the better part of this week reading other tax lawyers’ opinions about this.

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Patriot Software

JANUARY 13, 2020

Like past years, the IRS released changes to the income tax withholding tables for 2020. In addition to new wage brackets, there are significant changes to how employers will handle tax withholding. These changes are in response to the Tax Cuts and Jobs Act of 2017. When you have employees, you need to stay on […].

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Taxes Software Employment Payroll 102

HR Digest

JANUARY 8, 2020

Does this mean you’ll get an extra paycheck in 2020? Does this mean you’ll earn more than your annual salary in 2020? Or will the amount of each paycheck in 2020 be lower than in 2019? lower each pay period during 2020 (although you’d make the same total salary). This means that gross pay would be 3.7%

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HR Bartender

FEBRUARY 22, 2022

So, making sure that organizations have the systems in place to properly manage the payroll process is vital. That includes compliance with employment tax payment and reporting rules with each of the various local, state, and federal agencies to avoid penalties. 2 – Operational Efficiency with Systems and Service.

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Taxes Payroll Technology Employee Retention 132

Business Management Daily

DECEMBER 12, 2019

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. The draft of the 2020 Circular E discusses the new W-4. But only some.

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Business Management Daily

APRIL 1, 2020

Quick as jackrabbit, the IRS has released a new draft form and draft instructions for employers that elect to take any of the payroll tax credits contained in the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. It’s meant to implement the CARES Act’s advanceable payroll credit.

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Taxes Payroll Paid Sick Leave Employee Retention 52

LACE Partners

JULY 17, 2020

With the first half of the year now behind us, the team at LACE wanted to take an overview of what is happening in the payroll space, so we asked Adam in the team to give us an insight into what some of the providers in the payroll space are doing to remain innovative during this challenging year.

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Business Management Daily

MAY 29, 2020

Their biggest mistake to date: Employees who want less taxes withheld are filing forms instructing Payroll to withhold more. Some employees have approached their payroll departments asking for tax refunds. No can do: The IRS refunds taxes, not you. Help us, please! Help us, please!

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Payroll Taxes Management 52

Best Money Moves

APRIL 10, 2020

CARES Act: What to Know About Stimulus Payments: If you set up your tax refund with direct deposit, you should get a stimulus check from the government worth up to $1,200 or $2,400 within about a week — though if you need a paper check the wait will likely be extended. . 30, 2020, though that date may be extended with additional legislation.

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Banking Government Taxes Payroll 122

BerniePortal

JANUARY 22, 2020

Trying to beat the tax time rush? Mid-January marks the start of tax season! Employees have likely already received their W-2s (January 31 deadline) and are preparing to file for 2020. Along with the new W-4, the IRS has updated its online tax withholding estimator. Review Health Savings Account.

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Ascender

OCTOBER 5, 2019

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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Payroll Deductions Deductible Government 70

Business Management Daily

MARCH 9, 2020

It’s been a busy first quarter for payroll. Our expert pay and tax attorney Alice Gilman addresses readers’ questions on everything from the new w-4 to taxable prizes. Question: A new employee has written in her employee ID, instead of her Social Security number, on her 2020 W-4. Need more 2020 W-4 insight?

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Payroll Service Taxes Payroll Life Insurance 52

Money Talk

DECEMBER 21, 2022

The median household income in the United States was $67,521 in 2020, down from $69,560 in 2019. Dollar-cost averaging works best if investment deposits are “automated,” such as authorizing 401(k) plan payroll deductions or automatically debiting a bank account monthly for mutual fund share purchases.

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Benefit Resource Inc.

MAY 5, 2020

The CARES Act introduced new eligible items that you can purchase with funds from your pre-tax benefits accounts (FSAs, HSAs, and HRAs). Effective January 2020, menstrual care products are now considered eligible expenses. The post 10 new eligible items you can buy with your pre-tax dollars appeared first on BRI | Benefit Resource.

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BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Tax season is among us - so today, we’re covering what HR Parties of One need to know. Paying employer contributions for FICA taxes. Paying other employer business taxes. The History of Employer Taxes.

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Taxes Employment Deductions Deductible 52

HR Bartender

FEBRUARY 8, 2022

With so much changing so quickly, it’s no wonder that, according to a 2020 survey conducted by the ADP Research Institute, 40% of all business owners surveyed indicated that they had experienced unintended expenses because of non-compliance with government regulation.

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Business Management Daily

JUNE 22, 2020

The American Payroll Association’s annual Congress, held during the week of June 2, was anything but typical. At Tuesday’s first workshop, Payroll Changes for 2020 and Beyond , Andrew Garboden, CPP, Director of Payroll Training at the American Payroll Association and Curtis Tatum, Esq., Advances on credits.

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Business Management Daily

OCTOBER 7, 2019

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. 2020 Form W-4. Step 1: Enter Personal Information.

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WEX Inc.

JULY 24, 2023

That's important considering that a 65-year-old couple retiring in 2020 would need an average of $351,000 in healthcare costs throughout retirement. HSA contributions made through payroll are not subject to the 7.65% FICA tax. Withdrawals for HSA eligible medical expenses are tax-free. Yes,” Cook said.

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Retirement Plan 401(k) Health Savings Account Taxes 98

Patriot Software

DECEMBER 12, 2022

Back in 2020, Colorado voted to implement its own Paid Family and Medical Leave Insurance (FAMLI) program. It means you have a new payroll tax […] READ MORE. State paid family leave (PFL) programs aren’t slowing down anytime soon. And beginning in 2023, the Colorado paid family leave program takes effect.

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Taxes Payroll Medical Insurance 79

Business Management Daily

JANUARY 6, 2020

Payroll has moved to center stage at the IRS. Most deal with implementing the Tax Cuts and Jobs Act: Guidance on the definition of “qualifying relative” for individual income tax purposes. Employees may account for tax dependents in Step 3 of the 2020 W-4. New Form 1099-NEC.

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Business Management Daily

JANUARY 5, 2021

It includes extensions and expansions of payroll relief and another set of $600 checks payable to most taxpayers. The law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. Extensions of popular payroll tax provisions.

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Family and Medical Leave Act Payroll 401(k) Taxes 52

Business Management Daily

JUNE 16, 2022

There were at least 11 on-demand pay vendors at the American Payroll Association’s Annual Congress last month, not including the national third-party payroll providers. Nothing wrong with vendors highlighting their products at a convention of Payroll professionals. What is the additional burden on the Payroll department?

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Business Management Daily

SEPTEMBER 1, 2020

And since hurricane season is still at its peak, now it a good time to remind everyone about natural disasters and payroll. 15, 2020, to file individual and business tax returns and make tax payments, including third-quarter estimated tax payments. 31, 2020, is also extended to Dec. Victims of the Aug.

Payroll 52

Payroll Family and Medical Leave Act Taxes Overtime 52

Business Management Daily

APRIL 9, 2020

Alert: The CARES Act includes a number of tax relief measures to help the country get through the COVID-19 crises. Here are ten ways to benefit from tax provisions in the new law. A single tax filer will receive a check of up to $1,200; up to $2,400 for a couple filing jointly. Get tax rewards for charity.

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Taxes Deductions Deductible Retirement Plan 52

WEX Inc.

MARCH 16, 2023

With an HSA, you experience a triple-tax advantage : Contributions are tax-free, earnings are tax-free, and withdrawals for eligible expenses are tax-free. HSA participants are advised to contribute the maximum amount each year because the dollars going into these accounts are tax-free.

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cipHR

JANUARY 28, 2020

Don’t miss the chance to register for our upcoming webinar – in partnership with contractor accountancy experts Paystream – at 11am on Thursday 13 February, where we will be discussing the off-payroll working (IR35) rules and changes in detail. The post Webinar: off-payroll working (IR35) – who’s in, and who’s out? Register now.

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Payroll Taxes Insurance Employment 59

Patriot Software

AUGUST 11, 2021

Withholding allowances used to be a way employees could adjust how much money employers take out of their paychecks for federal income tax. Although the IRS removed withholding allowances for federal income tax in 2020, they’re still out there—through pre-2020 W-4 forms and state income tax.

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Global People Strategist

JUNE 29, 2020

Apart from the COVID-19 related changes, the employment legislation in New Zealand also saw some other modifications in the payroll and leave laws. Payroll Changes. This equals a total of $48 (pre-tax) per week for those currently working at the minimum base rate for 40 hours every week. Leave Laws.

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PeopleStrategy

APRIL 18, 2022

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

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PeopleStrategy

DECEMBER 12, 2019

At the same time, you are probably trying to review employee data and payroll records in preparation for year-end reporting, tax filing and setting up the first payroll of 2020. It’s best to streamline payroll and other key HR processes, to achieve optimal levels of efficiency and staff productivity.

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Insperity

APRIL 9, 2020

Known more commonly as the CARES Act , the legislation was signed into law on March 27, 2020, and went into effect immediately. A portion of your loan that you apply toward payroll and operational costs for the eight-week period after receiving the loan is eligible to be forgiven. Loan forgiveness. Loan amounts.

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Payroll Taxes Salary Commissions 96

Ascender

JUNE 19, 2020

Many of these events have impacted payroll significantly, requiring organisations to adjust their processes. Let’s take a look at some of these notable events that affected payroll in the last 12 months: Wage Theft and Underpayment. This update makes getting pay right even more complicated for employers in 2020.

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Payroll Overtime Government Taxes 52

Business Management Daily

OCTOBER 28, 2021

The end of the year is a hectic time for payroll staff and business owners. While the year is winding down, the payroll department is ramping up to prepare for the end of the year and ensure that all reporting deadlines are met. Some payroll tax compliance items are completed quarterly, or more frequently throughout the year.

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Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Business Management Daily

DECEMBER 26, 2019

Form W-4 and 2020 withholding. The IRS finally released the 2020 W-4 and one percentage method table , but as of today, it’s still sitting on Pub. 15-T, which contains all the worksheets and withholding methods for 2020. The IRS is now saying that employees you rehire next year must complete the 2020 W-4. Lock-in letters.

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Payroll Overtime Taxes Employment 52

Ascender

JUNE 19, 2020

Many of these events have impacted payroll significantly, requiring organisations to adjust their processes. Let’s take a look at some of these notable events that affected payroll in the last 12 months: Wage Theft and Underpayment. This update makes getting pay right even more complicated for employers in 2020.

Payroll 52

Payroll Overtime Government Taxes 52