As an employer, you’re responsible for keeping up with the latest tax news and withholding the correct amount of taxes from employee wages. One tax that you constantly need to keep up with is Social Security tax. So, how often does Social Security tax increase? Read on to learn how frequently the Social security tax […]
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Payroll Taxes - Tips, Training, and News
Your Employee Social Security Tax Deferral & Repayment Questions, Answered
Like most employers, you likely had a lot of questions about the executive order payroll tax deferral. And now that you’re in the collection and repayment phase of the employee Social Security tax deferral, you probably have some more.
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Employee Retention Credit Owner Wages: Do They Count for the Credit?
Heads up: Congress recently passed the Infrastructure Investment and Jobs Act, which President Biden signed on November 15, 2021. The new expiration date of the ERTC is September 30, 2021 for most businesses. Along with other COVID-19 relief measures, the Employee Retention Credit (ERC) took the world by storm in 2020 and 2021. Eligible employers […]
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Personal Allowances: What Employers Should Know Inside and Out
If you’ve seen a recent Form W-4 (i.e., 2020 and after), you know the IRS removed personal allowances. But, some states still use personal allowances on the state W-4 forms.
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What’s the Deal With the Massachusetts COVID-19 Recovery Assessment?
Thanks to COVID-19, 2020 and 2021 were jam-packed with big changes and new legislation for many employers. Some states, like Massachusetts, began making adjustments to provide employers with temporary relief options.
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Dear Ohio Employers: Here’s What to Know About the Ohio JEDD
How familiar are you with the Ohio JEDD, short for Joint Economic Development District? If you’re an employer in Ohio, read up on what JEDD is and how the arrangement could affect how you pay taxes.
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What Is an FEIN? What to Know When Starting a New Business
Running a business means meeting a lot of government requirements and following a number of laws. One of the first things to do when starting your business is apply for an FEIN. But, what is an FEIN? And, do you have to have one? Keep reading to learn the answers to these questions and more.
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What Is EFTPS, and How Can it Benefit Your Business?
Let’s face it: paying taxes isn’t anyone’s favorite part of running their own business. The process can be time-consuming and filled with confusing paperwork. But, what if there was a way to make paying your federal taxes simple and fast? The good news is that the IRS has an EFTPS system that does just that […]
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You Received a Lock-in Letter … Now What?
Notices from the IRS are enough to stop you in your tracks. If you receive what is known as a lock-in letter, you need to take action. Don’t panic, though. Lock-in letters are easy to resolve and prevent in the future. Keep reading to learn more about lock-in letters, what they mean, and what you […]
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Form 944 vs. 941: Which Should You Use to Report Payroll Taxes?
Employers, this one’s for you. After withholding payroll taxes from your employees’ wages (and contributing the employer share), you need to deposit the taxes with the IRS. But that’s not all. You must also report the taxes on either Form 944 or 941. So, what’s the difference between Form 944 vs. 941?
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