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Businesses should review their key payroll tax responsibilities

Leave a Comment / Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Local Taxes, Medicare Taxes, Payroll Tax, Social Security Tax, State Income Tax /

As a business owner, you know that running payroll involves much more than just compensating employees. Every paycheck represents a complex web of tax obligations that your company must handle accurately and consistently. Indeed, staying compliant with payroll tax rules is essential to maintaining your business’s reputation and avoiding costly penalties. That’s why it’s essential […]

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How the Social Security wage base will affect your payroll taxes in 2026

Leave a Comment / Employees, FICA, Medicare Taxes, Payroll Tax, Self Employment Tax, Social Security, Social Security Tax /

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax,

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6 essential tips for small business payroll tax compliance

Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Payroll Tax, Small Business, Small Business Owners /

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all

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The nanny tax: What household employers need to know

Child Tax Credit, Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Medicare Taxes, Nanny Tax, Social Security /

Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal

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Employers: In 2025, the Social Security wage base is going up

Employees, FICA, Payroll Tax, Self Employment Tax, Small Business, Small Business Owners, Social Security /

As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business

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2024 Q4 tax calendar: Key deadlines for businesses and other employers

2024 Income Tax Return Filing Season, 2024 Tax Calendar, C Corporation, Federal Income Tax Filing, FICA, IRA, Savings Incentives Match Plans for Employees (SIMPLEs), Simples, Social Security & Medicare (FICA) taxes /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:

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2024 Q2 tax calendar: Key deadlines for businesses and employers

2024 Tax Deadlines, Corporations, Federal Taxes, FICA, Medicare Taxes, Quarterly Estimated Tax Payments, Small Business, Small Business Owners, Social Security & Medicare (FICA) taxes, Taxes 2024 /

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing

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Does your business have employees who get tips? You may qualify for a tax credit

Federal Tax Credit, FICA, Restaurant Owners, Small Business Tax Tips, Small Business Tips, Uncategorized /

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals. The FICA credit applies to tips that your staff members receive from customers

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The “nanny tax” must be paid for nannies and other household workers

Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Nanny Tax, Social Security & Medicare (FICA) taxes /

You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.

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2023 Q4 tax calendar: Key deadlines for businesses and other employers

2023 Tax Calendar, 2023 Tax Deadlines, C Corporation, Estimated Tax Payments, Federal Income Tax Filing, FICA, IRA, Small Business, Small Business Owners, Tax Deadlines /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:

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