Payroll Tax »
Payroll taxes are an obligation of every employer and employee in the United States. Federal employment taxes include general withholdings as well as the Federal Unemployment Tax (FUTA) and the Federal Insurance Contribution Act (FICA) tax, which includes Social Security and Medicare. Individual states impose employment taxes as well, and employment classifications can make a big difference in your tax burden. By understanding how employment taxes work, you can ensure the greatest tax benefit and avoid potential pitfalls. Use the information provided below to educate yourself on these very important principles.
The Internal Revenue Service issued Revenue Ruling 2012-18 answering a number of questions regarding tip income and employment taxes. Employers must pay Federal Insurance Contributions Act (FICA) taxes that includes social security and MedicareRead More »
Top Takeaways 1: IRS is Stepping Up Examinations of Payroll Taxes Starting in February 2010, the IRS began an initiative to audit the payroll of companies. In particular, they focused on improper classification ofRead More »
Top Takeaways 1: Only people laid off may claim unemployment To be eligible for unemployment insurance benefits, an employee must be out of work through no fault of their own. This means that onlyRead More »
Yesterday, Governor Rick Scott signed four bills that are part of his Job Creation and Economic Growth Agenda for the state of Florida, two of which provide Florida tax cuts for businesses. “The passageRead More »
Top Takeaways 1: State Unemployment tax rates depend on the number of claims against your business Unemployment tax will vary depending on the amount of unemployment claims your business has. Every January, you’ll receiveRead More »
A California auto body business received a favorable decision by the U.S. Tax Court, finding seven of its ten workers were properly classified as independent contractors. Action Auto Body had ten persons who performedRead More »