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Social Security Tax

Businesses should review their key payroll tax responsibilities

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

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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Turn a summer job into tax savings: Hire your child and reap the rewards

Federal Income Tax, Federal Unemployment (FUTA Tax, Hiring Your Child In the Summer, Income Tax, Individual Income Tax, Roth IRA, Simplified Employee Pension (SEP), Small Business Tax Tips, Social Security Tax, Summer Employees /

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three

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Looking ahead to 2025 tax limits as you prepare to file your 2024 return

401K, Charitable Donations, Domestic Workers, Gift Tax, IRA, Itemized Deduction, Roth IRA, Social Security & Medicare (FICA) taxes, Social Security Tax, Taxes 2024, Taxes 2025, Traditional IRA /

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may

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Beware of a stealth tax on Social Security benefits

(ATI) Adjusted Taxable Income, AGI (Adjustable Gross Income), Federal Taxes, Social Security, Social Security Tax, State Tax /

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social

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Use an S corporation to mitigate federal employment tax bills

Federal Employment Tax, FICA, Medicare Taxes, S Corporation, Self Employed, Self Employment Tax, Small Business, Social Security Tax /

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax.

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Inflation Reduction Act provisions of interest to small businesses

(CARES ACT), Alternate Minimum Tax (AMT), Federal Tax Credit, Inflation, Inflation Reduction Act, Payroll Tax Credit, Research Tax Credit, Small Business, Social Security Tax, Tax Cuts and Job Acts (TCJA) /

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the

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