The IRS made wholesale changes to the W-4 in 2020. The form was changed to allow more accurate withholdings due to the changes in the tax code related to the Tax Cut And Jobs Act passed in 2017. This legislation eliminated personal exemptions, increased the standard deduction, and made the child credit available to more people. Because employers and employees were not required to fill out new W-4s and the perceived complexity of the new process, most employees did not complete a new W-4. This…
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.
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.
eFiling Thresholds, Revisions To Form 941 and Schedules, Form 941-X, Idaho Revises Withholding Tables, Reduces Supplemental Wage Tax Rate and California Supreme Court Rules Premium Pay for Missed Meal; Rest Breaks Are Wages
What you need to know about the proposed changes to Form 941 for second-quarter payroll tax reporting and payment. The published deadline to submit and certify the 2021 EEO-1 Component 1 Report(s) has been extended to Tuesday, June 21, 2022. The 2022 Utah Legislature lowered the state individual income tax rate from 4.95 percent to 4.85 percent. All unused vacation time accrued pursuant to an employer’s vacation policy in Maine after January 1, 2023, must be paid to the employee on termination.