Article Category: Payroll Tax Resolution
Cadillac Tax on the Horizon
Posted on: March 16, 2015
Cadillac Tax on the Horizon Beginning in 2018, employers who offer their employees health insurance coverage that costs in excess of a certain dollar amount will be required to pay a 40% tax on the costs associated with providing the plans. Currently there is no ceiling on the tax deductible amount employers can claim for providing health insurance for their employees. This will continue up until January 1, 2018 when the new tax is instituted. This proposed tax is appropriately named the “Cadillac tax” because it targets only high end policies, individual plans that cost more than $10,200 per year … Click to Read More
The Outsourcing of Payroll Services
Posted on: May 29, 2014
The Outsourcing of Payroll Services – Although the outsourcing of payroll services is often one of the smartest financial choices a business can make, there are certain considerations that should be addressed when selecting a third party payroll services provider. While the outsourcing of payroll services has numerous advantages, the fact that these functions are an important component of a company’s success makes the selection of a third party payroll services provider an important decision. Since the employer is ultimately responsible for its payroll and the accompanying tax responsibilities, it is important to select a payroll services provider that is both competent … Click to Read More
Tax Alert for Small Business Start-Ups!
Posted on: April 3, 2014
Tax Alert for Small Business Start-Ups! – Any new business owner will soon realize that business taxes are one of the largest business expenses. This being the case, saving money on tax dollars is one of the most effective ways of increasing profitability. However, since the IRS tax code governing the start-up and continuing operation of a small business is so fluid and complex, keeping up with all of the available small business tax breaks can be a daunting task in itself. Outlined below are some of the ways that small businesses start-ups can save tax dollars in 2014. … Click to Read More
Help with IRS Payroll Taxes: What They Are, How They Work
Posted on: February 3, 2012
When your new employee fills out a W-4, it affects their withholdings for Federal Income Tax, Social Security, and Medicare. What does it mean for the business owner? Businesses are required by the IRS to withhold taxes from employee wages, and then pay them directly to the IRS. This usually occurs on a quarterly basis in March, June, September, and December. This type of tax is called a Payroll Tax. In some instances, the IRS allows a business to file payroll taxes annually instead of quarterly. Payment can be made electronically or in person at an authorized financial institution. The IRS … Click to Read More