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If all of this work seems overwhelming, consider either a payroll service orpayroll software. A payroll service is an outside company that takes over all of your payroll functions, including sending out reports and payments when they are due, for both federal and state payroll taxes. Payroll s...
When you are self-employed, you are responsible for both the employer and employee side of taxes. Since self-employed individuals are essentially operating as their own employer, they are responsible for this set of taxes. After the federal government passed the Self-Employed Contributions Act (...
Employers need to do everything reasonably possible to have employees submit timely, accurate records of hours worked. If an employee does not submit their timesheete card, the employer will need to take steps to reasonably determine what days and hours the employee worked so that payroll for th...
Schedule C businessesare permitted to hire children under the age of 18, and the child’s wages are exempt from Social Security, Medicare, and unemployment taxes. This exemption applies to both the employee’s share and the employer’s share of FICA taxes — a win-win for your business and...
Refundable tax credits aside, the size of your tax refund is based on how much federal taxes are taken out of your paycheck — and that’s something you do have control over. What’s the ideal tax refund size? It's simple to say that most of us should be aiming for a smaller refund...
RonnieP. I'll ensure that you can access them in QuickBooks Online Payroll. Before that, have you tried to contact your employer regarding the error message you received? This way, they can further review your access or re-invite you to QuickBooks Workforce. Ho...
The typical 401(k) plan automatically deducts your pre-tax contribution from gross earnings in each paycheck, reducing taxable income for the year. 401(k) plans also defer taxes on the accumulated gains until the money is withdrawn. Be sure to contribute enough to get youremployer’s full m...
In addition, the money from your PPP loan must have been spent on eligible expenses. These are:9 Payroll costs: To qualify for full forgiveness, you must have spent at least 60% of your PPP loan onpayroll, which includes all wages, commissions,bonuses, insurance payments, and retirement pay...
Federal Circuit Court of Appeals regarding the consideration of common law employers by payroll servicing company while calculating the U.S. Federal Insurance Contributions Act (FICA) and the U.S. Federal Unemployment Tax Act (FUTA). It states that employers under the FUTA are required to pay ...