A handful of cities in Colorado have a local tax called an occupational privilege tax. Both employees and employers owe it. If you’re an employer in Colorado, it’s important to know if you owe the occupational privilege tax and what your city requirements are.
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State Income Taxes for Out of State Employees
Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all.
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The Basics of Schedule SE
If you are a small business owner who earns self-employment income from your business, you must pay self-employment tax. Like all taxes, there is a specific form to calculate and file self-employment tax. Do you know what form to use for self-employment tax?
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Do Employers Have to Pay Unemployment Taxes?
As a small employer, you have all sorts of payroll taxes to worry about: income taxes, Medicare tax, and Social Security tax. But, what about unemployment taxes? Do employers have to pay unemployment taxes?
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State Income Tax Exemption: Exempt or Not Exempt? That Is the Question
Most of us would agree with the following statement: Employee wages are taxed federally and at the state level. But this isn’t always the case. Some employees can state income tax exemption.
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The Working Condition Fringe Benefit Is Tax-free. Who Knew?
For many employers, nothing’s more confusing than employee benefits and payroll taxes. Are there any fringe benefits that are exempt from all payroll taxes? Yes, there are, and the working condition fringe benefit (spoiler!) is one of them.
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What Is Imputed Income?
As an employer, you are likely familiar with reporting regular wages and taxes withheld on Form W-2. But, are you aware that you must report other amounts or payment types, such as imputed income? Learn what is imputed income, types, and how to report imputed income.
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Family Taxation: Are You Legally Taxing Your Loved Ones?
Approximately 90% of small businesses are either family-owned or run by family members. If your business falls into the majority, you’ve likely hired a few (or more than a few) family members to work at your company. If you employ relatives, you need to make sure you’re staying legally compliant and taxing them correctly. Otherwise, […]
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Your Guide to Take-home Pay
As an employer, you are responsible for withholding various taxes from employees’ wages. After you subtract all of the taxes and other deductions, money left over is considered take-home pay. Read on to learn more about what is take-home pay and how to calculate it.
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Form 943: What to Know About Agricultural Withholding
Various types of employers must withhold taxes from employees’ wages, including employers hiring farm workers. If you are an agricultural employer, you likely withhold taxes from your employees’ pay. And, you are responsible for reporting wages on IRS Form 943. So, what is Form 943?
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