Inflation Adjustments By The IRS May Mean Less Taxes For Many Americans
Posted on November 28, 2022
Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills. The rapidly rising cost of food, energy, and other daily staples could allow many Americans to reduce their tax bills next year. Tax rates are adjusted for inflation, which typically means incremental movements in the thresholds for what income is taxed at what rate. But after a year that brought America’s fastest price growth in four decades, the shift in rates is far more notable: an …
Category: News and Announcements
Annual Taxable Wage Bases For 2023
Posted on November 07, 2022
Several states have released their state unemployment insurance (SUI) taxable wage bases for 2023. Employers should be aware that due to UI trust fund balances that are lower than anticipated and economic concerns regarding employer taxes, some states may make changes to their taxable wage bases later this year or early next year.
Category: News and Announcements
2023 IRS Form 941 Deposit Rules and Schedule
Posted on October 18, 2022
There are two deposit schedules (monthly or semiweekly) for determining when you deposit Social Security and Medicare taxes and withheld Federal income tax. These schedules tell you when a deposit is due after a tax liability arises (for example, when you have a payday). Before the beginning of each calendar year, you must determine which of the two deposit schedules you must use.
Category: News and Announcements
Myth About Payroll Taxes: All Tax-free Benefits Are Exempt From Payroll Taxes
Posted on October 18, 2022
Receiving tax-free fringe benefits means that employees do not have to pay income tax on what they receive. However, it does not mean that employers are off the hook for payroll taxes.
Category: News and Announcements
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