The payroll tax rates and contribution limits for 2022 have been released, and there are lots of changes. Click through to see exactly what is changing so you can make plans for the coming months.
Category Archives: Payroll
Sick and Family Leave Reporting Guidance
The Treasury Department and the IRS have issued Notice 2021-53, which provides guidance to employers about using Form W-2 to report the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. This is welcome news for many taxpayers, as this guidance covers the Families First Coronavirus Response Act asContinue reading “Sick and Family Leave Reporting Guidance”
State and Local Tax Considerations for Remote Employees
Until the pandemic, no one could have envisioned how profoundly remote employment would affect the workplace. The rise of the hybrid office has led to some complex tax questions. Click through for some thoughts on how tax rules apply in a remote or hybrid environment.
Is This Your Situation: Learning The Essentials of Payroll Tax
Is This Your Situation: Learning The Essentials of Payroll Tax 1. Extra compensation must be carefully timed. Incentivizing employees with bonuses is a great way to boost performance, and it’s important that the bonus checks are distributed at the same time that payroll taxes are paid. Otherwise, you could be subject to a penalty. TheContinue reading “Is This Your Situation: Learning The Essentials of Payroll Tax”
5 Common Payroll Mistakes to Avoid
5 Common Payroll Mistakes to Avoid The ramifications of payroll mistakes emanate from external and internal sources. Externally, the government can levy fines and penalties for payroll non-compliance. Internally, employees tend to become seriously concerned when an error shows up on their paycheck. There are many possible reasons for these mistakes, but the following fiveContinue reading “5 Common Payroll Mistakes to Avoid”
A Glossary of Payroll Terms
A Glossary of Payroll Terms Regardless of your level of involvement in payroll, there are certain terms that you should know. Click through for a roundup of words that are commonly used in the payroll industry. After-tax deductions These deductions are subtracted from employees’ wages after pretax deductions and payroll taxes have been taken out.Continue reading “A Glossary of Payroll Terms”