Employers are generally responsible — and liable — for applying employment taxes to wage payments. To fulfill this obligation, you must determine when and where Federal Insurance Contributions Act (FICA) taxes and federal income tax withholding … [Read more...]
Employee leave under the Families First Coronavirus Response
Congress passed and the president signed into law the Families First Coronavirus Response Act on March 18. The law allows employees time to care for themselves or loved ones and includes provisions for new tax credits to offset employers’ costs. But … [Read more...]
Would your employees appreciate a payroll deduction IRA?
Not every employer is ready or capable of launching and administrating a 401(k) or other qualified retirement plan. If your organization is in this camp, its employees might appreciate a payroll deduction IRA.How it worksWith a payroll deduction IRA, … [Read more...]
Employers can truncate SSNs on employees’ W-2s
The IRS recently issued final regulations that permit employers to voluntarily truncate employee Social Security Numbers (SSNs) on copies of Forms W-2 furnished to employees. The purpose of the regs is to aid employers’ efforts in protecting workers … [Read more...]
2018 – 08/30 – HOW MUCH DO EMPLOYEES COST THEIR EMPLOYERS
Do your employees a favor and remind them about their W-4s
Employees don’t always fill out their W-4 forms accurately. For example, some may wrongly write “exempt” on the withholding portion of the form to ensure that no federal or state tax is withheld. Others may be inadvertently … [Read more...]