Meanwhile, businesses that engage 1099 workers, also called contractors or contract employees, do not withhold or pay taxes on behalf of their contractors. Instead, contractors are responsible for paying their own taxes. If an employer misclassifies an employee as a contractor, they must pay back...
ensure you are providing the correct information. This is especially important if you are alsofiling for a DBA. A DBA — Doing Business As — is a form that allows your company to operate under a name other than its legal name. While not every business requires a DBA, it can be benefic...
While you can manage the paperwork on your own, you can avoid the hassle of yet one more thing to do”by asking CorpNet to complete the application for you. The online application is the fastest way to obtain an Employee Identification Number. ...
–A new penalty was added for failure to furnish a statement to employees by the applicable due date, and a failure to file with the Department by the due date, and a failure to file electronically if required: the penalty is $25 per failure not to exceed $50 per employee. This applies...
Exempt Employee Housing If you are not on a temporary work assignment that requires you to be away from home, any housing for which your employer pays must be included in your taxable income unless you satisfy three requirements. To exclude the housing, the housing your employer provides must ...
Employers must pay 6% of the first $7,000 each employee earns per calendar year (for an annual maximum of $420 per employee). In some states, you’ll be eligible to get some of these payments back in the form of a tax credit. When it comes to SUTA taxes, the amount you owe is ...
Only ALEs are required to file Form 1095-C. If an employee didn’t participate in the employer's health plan, will they receive a 1095-C? Every employee of an ALE who is eligible for insurance coverage should receive a 1095-C. Eligible employees who decline to...
If you form a corporation later, you will need a FEIN. A FEIN is a very important part of your business data when you’re filing local, state and federal taxes. You also need a FEIN when your organization pays taxes of any kind and when you issue employee-related tax forms, such as...
How to Apply for an EINThere are several options to apply for an Employee Identification Number. Processing time after filling out the EIN application will depend on how it can be submitted to the IRS. If an EIN filing contains a non-U.S. address or the member does not have a SSN (So...
You can pay the employee withholding, Medicare, Social Security and unemployment taxes you calculate on Forms 940, 941, and 943 at eftps.gov. Make your EFTPS payment by 8 p.m. EST the day before payment is due to ensure you receive credit for a timely deposit. ...