PayrollOrg

JANUARY 25, 2022

The APA Compliance Calendar for 2022 is now available on the APA website. It contains important payroll tax payment and reporting dates every payroll professional needs to know during the calendar year.

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Taxes Payroll IT 151

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950.

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Taxes 401(k) Deductions Deductible 189

PayrollOrg

JANUARY 25, 2022

The IRS has released the 2022 Publication 15-T, Federal Income Tax Withholding Methods.

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Taxes 197

Money Talk

AUGUST 3, 2022

This phrase was designed to encourage investors to buy tax-free municipal bonds that provide a higher after-tax return than higher-yielding taxable bonds. In a more general way, the advertisement was also promoting the concept of tax-efficient investing. no tax for New Jersey residents on a New Jersey-issued bond).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Money Talk

FEBRUARY 23, 2023

Knowing your tax rate can help you prepare a tax return and take action(s) to reduce your tax liability. Do you know your federal income tax rate? You may actually have several different tax rates (e.g., This post describes the different federal tax rates that apply to taxpayers. a year and a day or longer).

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Taxes Retirement Plan Finance Commissions 188

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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Taxes 401(k) Retirement Plan Pension 188

Money Talk

SEPTEMBER 14, 2023

One of the niche audiences for my business, Money Talk , is older adults grappling with financial issues such as creation of a retirement “paycheck,” paying taxes on required minimum distributions (RMDs), and simplifying financial accounts. Tax-free accounts (e.g., Tax-free accounts (e.g., Tax-deferred accounts (e.g.,

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Taxes 401(k) Retirement Plan Pension 194

PayrollOrg

JANUARY 25, 2022

The governor of Washington has announced a delay collecting the payroll tax associated with the Washington long-term care insurance program until April 2022.

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Taxes Payroll Insurance 197

Money Talk

DECEMBER 29, 2021

Some states/cities have moratoriums through dates in 2022. Income Taxes- Tax filing was pushed back to May 17 and advance child tax credits were sent to income-eligible families with children from July to December. There was also late notice of tax exemption for up to $10,200 of 2020 unemployment benefits.

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Finance Taxes Insurance Retirement Plan 363

Money Talk

MARCH 29, 2023

Last year, I wrote a post that described the pros and cons of filing your income taxes by paper or electronically (e-filing). Looking back, it was also a “personal pep talk” for me because I knew I was part of a dying breed of paper income tax filers. of tax returns are filed by paper or, in numerical terms, nearly 13.2

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Taxes Electronics Finance Software 189

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.

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Taxes Retirement Plan Deductions Deductible 158

HR Lineup

JANUARY 2, 2022

Filing federal and state tax returns online can be challenging and overwhelming for employers. Since the process needs to be seamless and fast, employers are looking for effective tax filing solutions. Luckily, there are tax software programs out there to simplify filing tax returns. Paycheck City.

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Taxes Software Payroll Deductions 92

Money Talk

OCTOBER 27, 2022

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

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Deductions Deductible Commissions Taxes 245

Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When bracket incomes rise, people may be taxed at lower tax rates. million in 2022).

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401(k) Banking Deductions Deductible 246

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

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401(k) Taxes Pension Deductions 245

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., In 2022, beneficiaries will receive a 5.9% a $59 increase for every $1,000 of benefits) in 2022. Income Tax Changes - Each year, income ranges for federal marginal tax brackets are indexed for inflation.

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401(k) Pension Taxes Deductions 232

Money Talk

MARCH 2, 2023

Last year, I noticed a new trend that has continued into 2023: ads on social media about online financial seminars focused on required minimum distributions (RMDs) and income taxes owed in later life. Unfortunately, some webinars that I viewed were not updated with latest (2022) IRS life expectancy factors.

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Taxes Consulting Education Finance 245

Money Talk

JUNE 28, 2023

Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. The 2023 maximum pre-tax contribution is $3,050.

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Flexible Spending Account Banking Health Savings Account Taxes 242

Money Talk

AUGUST 10, 2022

The year 2022 is equally noteworthy for a “Great Unretirement” as millions of older workers who left jobs during the pandemic decided to come back into the labor force. 67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022).

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Disability Insurance Taxes Health Insurance Pension 246

Money Talk

MAY 11, 2023

If taxpayers are near the top of a marginal tax bracket , RMDs can move them up to a higher tax bracket. Use of RMD Withdrawals - A chunk will pay income taxes. Multiple RMD Ages- People with tax-deferred retirement savings accounts born in 1950 or earlier have a RMD of 72 (or 70½ for those who turned 70½ prior to 2020).

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Retirement Plan Taxes Finance Government 246

Money Talk

MARCH 18, 2022

inflation rate for 12 months ending in February 2022 was 7.9%, the largest 12-month increase since January 1982. Review Your Portfolio: Try to earn the minimum rate of return (MRR) needed to stay ahead of taxes and inflation as an average savings/investment return. The MRR formula is inflation % rate ÷ 100 minus marginal tax bracket.

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Food Electronics Taxes Utilities 278

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. New RMD tables went into effect in 2022, so this is a good time to discuss RMDs.

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401(k) Taxes Retirement Plan Finance 189

Money Talk

MAY 4, 2023

Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. Interest Rates- Between March 2022 and May 2023, the Federal Reserve raised interest rates 10 times in an effort to decrease inflation by slowly increasing the cost of borrowing.

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Education Finance Pension Taxes 245

PayrollOrg

JANUARY 17, 2022

Payroll Currently – Volume 30 – 2022. PayState Update – Volume 24 – 2022. Federal Payroll Tax Laws & Regulations. Federal Payroll Tax Laws & Regulations contains payroll-related sections of the Internal Revenue Code and Internal Revenue Service regulations. Federal Payroll Non-Tax Laws & Regulations.

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Electronics Payroll Taxes Online Payroll 197

PayrollOrg

JANUARY 25, 2022

A three-month tax amnesty program in Connecticut runs through January 31, 2022, and includes withholding tax.

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Taxes 104

Money Talk

JULY 13, 2022

If you are “of age” and have not yet taken your 2022 RMD, consider doing so soon- in one or more “installments”- to avoid the year-end rush. Also be sure to adjust tax withholding for RMD withdrawals using quarterly estimated tax payments to the IRS or tax withholding by the retirement plan custodian.

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Taxes Retirement Plan Finance Consulting 189

Money Talk

FEBRUARY 1, 2023

From May 2020 through October 2022, the fixed rate was 0.0% (zero). The earliest I-bond adopters (late 1990s) earned as much as 13.39% from May to October of 2022. 178.36) through Treasury Direct and up to $5,000 (in different increments) of “old school paper I-bonds” (like I have) via a tax refund.

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Electronics Government Taxes Banking 246

Money Talk

JANUARY 13, 2022

Plan Around Inflation - Consider the impact of inflation on purchasing decisions made in 2022. Think Tax Efficiency - Plan ahead to pay the least amount of taxes legally due on retirement savings. Tax efficiency can have a significant impact on portfolio longevity.

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Taxes Utilities Finance Banking 242

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 113

PeopleKeep

NOVEMBER 10, 2021

In practical terms, that means small businesses are limited in how much tax-free money they can offer their employees through the benefit. In 2022, small businesses may offer up to $ 5,450 per self-only employee and up to $ 11,050 per employee with a family. In this post, we'll go over: The new QSEHRA contribution limits are for 2022.

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Taxes Employment 97

Benefit Resource Inc.

NOVEMBER 10, 2021

The IRS released the 2022 contribution limits for Mass Transit, Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2021-45. The limits are effective for plan years that begin on or after January 1, 2022. 2022 CONTRIBUTION LIMIT: MASS TRANSIT AND PARKING. 2022 CONTRIBUTION LIMIT: MEDICAL FSA.

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Health Savings Account Medical Taxes Flexible Spending 98

Business Management Daily

DECEMBER 7, 2021

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

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Taxes Employment Management IT 100

Money Talk

JULY 21, 2022

In March 2022, after the then- highest inflation rate in 40 years , I wrote a Money Talk blog post about inflation and suggested additional inflation-fighting hacks including postponing purchases (e.g., for the year ending in June 2022. If a 4% inflation rate is assumed from 2022 to 2042, $100 this year will be worth $219 in 2042.

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Finance Overtime Insurance Food 245

Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. Roth Conversions - It is best to move money from a pre-tax account to a Roth account in low-taxable income years, during stock market downturns, and/or in small increments over time. net investment income tax.

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401(k) Taxes Finance Education 196

McDermott Will & Emery Employee Benefits

JULY 26, 2022

Last month, the Washington Court of Appeals affirmed a lower court’s decision to dismiss a challenge to the recently enacted payroll expense tax in Seattle, WA. 82830-4-I, 2022 WL 2206828 (Wash. June 21, 2022). The tax, which went into effect on January 1, 2021, […]. Seattle Metro. Chamber of Commerce v.

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Taxes Payroll Employee Benefits Executive Compensation 94