What's news with the 2022 940: Including Credit Reduction States, Who Must File A 940, Electronic Fund Transfers and Withdrawals and More!
Year-end is approaching at light speed and will be here before you know it. There are a few things to keep in mind to make year-end payroll reporting go smoothly and accurately.
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 …
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.
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.
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.
Five Indiana Counties Increase Their Tax Rates, Virginia Revises Withholding Tables, California Increases Minimum Wage, Student Loan Relief Is Extended and Tax-Advantaged Repayment Support.
Aatrix continues to add partners with the announcement of an agreement with Computer Helper Publishing to integrate Aatrix’s Federal and State Payroll Reports™ and Payments into their Church Windows Payroll solution.
Make sure that you are up-to-date on payroll tax changes that have recently gone into effect. Arkansas updated its withholding method as of October 1st, Utah reduces the threshold for nonresident withholding, Pennsylvania amended wages related to tipped employees and overtime, Michigan delays minimum wage and paid sick leave change until February 2023 and the IRS increases interest rates for third quarter of 2022.
Many cities' and states' minimum wages are tied to Inflation rates. Over the past decade, the minimum wage has grown by a few cents each year. This year's unusually high inflation is likely to drive hourly wage jumps of $1 or more in some locales.