All workers and employers in the service industries where tips occur should abide by the relevant tax rules. One needs to pay income tax, Medicare tax, and Social security taxes on...
The IRS assesses penalties and interest on the employer's account when they fail to collect, report, and remit payroll taxes. You may be personally liable for failure to withhold...
The social security program is financed mainly by payroll taxes. This means that workers' taxes today will help fund retirees' benefits, and as soon as they start receiving...
A household employment tax allows everyone that hires a nanny or a gardener, to name a few, and pays them above $2,200 every year, to pay household employee taxes for their worker....
Posted by Tucker Accounting Services LLC on 01/13/2021
Most would agree that taxes are not an interesting topic. But a proper understanding of the tax rules is essential for employers. It is a special responsibility to manage your employees...
The law on coronavirus aid, relief, and economic security Acts (the CARES Acts) contains a provision for the exemption of companies known as employee retention credit, a refundable...
Posted by Freddie Cook, CPA on 06/22/2020
The Tax Cuts and Job Act is the most crucial series of amendments to the US tax code in a few decades. The vast majority of the amendments will come into effect in the 2018 fiscal...
Posted by Flynn Financial Group Inc on 10/29/2019