Navigating Payroll Taxes: From W-2 Preparation to FUTA Reporting
Employers generally must withhold income tax from employees’ wages. To figure out how much tax to withhold, you need to use the employee’s Form W-4, the appropriate method, and the …
Minimum Wage Changes Impact You in 2023
For employers with employees in multiple states, keeping up with numerous minimum wage rate changes can be a daunting task. While some states are on a schedule for annual increases …
Independent Contractor: A New Definition?
Who counts as an employee versus an independent contractor may be about to change. A DOL proposal suggests revamping employee classification, reclassifying workers who are economically dependent on a company …
Watch Out for Fake ERC Plans
You may be aware of widely circulated promotions — ads on radio and the internet — touting refunds involving Employee Retention Credits. The IRS says these are a blatant attempt …
Avoiding Misclassification: A Guide for Employers
When you hire someone to work for you, the worker will likely be considered either an employee or an independent contractor. Usually, you will decide whether you want to onboard …
Payroll Tax Rates and Contribution Limits for 2023
Below are federal payroll tax rates and benefits contribution limits for 2023. Social Security tax In 2023, the Social Security tax rate is 6.2% for employers and employees, unchanged from …