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Common Tax Forms Employers Need to Know: A Complete Guide

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Employers are required to provide a W-2 to each employee by January 31st of the following year. The information on Form W-2 includes total wages earned, federal and state income tax withheld, Social Security and Medicare taxes withheld, and any other deductions or contributions such as retirement plan contributions.

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17 Essential Employee Benefits Ideas to Boost Morale and Productivity

Empuls

The contributions made towards the pf are eligible for tax deduction under section 80c of the income tax act, 1961. Employee provident fund (EPF) Employee provident fund is a type of provident fund that is solely contributed by the employee. In addition, an additional tax deduction of up to rs.

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Understanding Taxable Benefits In A Quick and Easy Way

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Employee discounts. Employee stock options. But, to minimize confusion at tax time, be sure to notify your employees about their taxable benefits ahead of time. Most taxable benefits are subject to Canada Pension Plan, Employment Insurance, and income tax deductions. Accident and health benefits.