Several states have released their state unemployment insurance (SUI) taxable wage bases for 2023. Employers should be aware that due to UI trust fund balances that are lower than anticipated and economic concerns regarding employer taxes, some states may make changes to their taxable wage bases later this year or early next year.
2023 IRS Form 941 Deposit Rules and Schedule
There are two deposit schedules (monthly or semiweekly) for determining when you deposit Social Security and Medicare taxes and withheld Federal income tax. These schedules tell you when a deposit is due after a tax liability arises (for example, when you have a payday). Before the beginning of each calendar year, you must determine which of the two deposit schedules you must use.
Myth About Payroll Taxes: All Tax-free Benefits Are Exempt From Payroll Taxes
Receiving tax-free fringe benefits means that employees do not have to pay income tax on what they receive. However, it does not mean that employers are off the hook for payroll taxes.
Recent Tax And Regulation Changes For 2022
Five Indiana Counties Increase Their Tax Rates, Virginia Revises Withholding Tables, California Increases Minimum Wage, Student Loan Relief Is Extended and Tax-Advantaged Repayment Support.
Aatrix Partners With Computer Helper Publishing
Aatrix continues to add partners with the announcement of an agreement with Computer Helper Publishing to integrate Aatrix’s Federal and State Payroll Reports™ and Payments into their Church Windows Payroll solution.
Recent Payroll Tax Changes For 2022
Make sure that you are up-to-date on payroll tax changes that have recently gone into effect. Arkansas updated its withholding method as of October 1st, Utah reduces the threshold for nonresident withholding, Pennsylvania amended wages related to tipped employees and overtime, Michigan delays minimum wage and paid sick leave change until February 2023 and the IRS increases interest rates for third quarter of 2022.
Minimum Wages Tied To Inflation Rates
Many cities' and states' minimum wages are tied to Inflation rates. Over the past decade, the minimum wage has grown by a few cents each year. This year's unusually high inflation is likely to drive hourly wage jumps of $1 or more in some locales.
Myth About Payroll Taxes: Transforming Employees Into Independent Contractors To Save On Payroll Taxes Is Easy
You probably know that it costs less to use an independent contractor than to have an employee on staff. The reason: the cost of payroll taxes, along with insurance and benefits, apply only to employees. But don’t think you can simply reclassify a worker who’s been your employee as an independent contractor. The IRS, as well as other government agencies, are on the lookout for just such action.
What You Need To Know About Family Medical Leave In 2022
Family medical leave became law in 1993 when the federal Family Medical Leave Act (FMLA) was passed. It provided 12 weeks of unpaid, job-protected leave to care for newborns or seriously ill family members for employees who have worked at least a year for an employer with 50 or more employees. Since then, the American workforce has changed significantly, and these provisions do not meet the current needs of most family units. As a result, many states have passed or are considering legislation to…
Payroll And The Gig Economy In 2022
The gig economy differs from the world of traditional full-time jobs that consist of the basic 9 to 5 schedule to employees who prefer temporary and flexible jobs. Gig workers are individuals who pursue these types of jobs, often applying for a temporary independent contractor or freelance position. Many of these employees prefer to work on their own flexible schedules in various environments.
