Money Talk

MAY 11, 2023

If taxpayers are near the top of a marginal tax bracket , RMDs can move them up to a higher tax bracket. Use of RMD Withdrawals - A chunk will pay income taxes. Multiple RMD Ages- People with tax-deferred retirement savings accounts born in 1950 or earlier have a RMD of 72 (or 70½ for those who turned 70½ prior to 2020).

Retirement Plan 246

Retirement Plan Taxes Finance Government 246

Take It Personel-ly

DECEMBER 15, 2020

The year 2020 has not done anything to improve anyone’s financial security, so if you’re cleaning up an old tax bill […]. Facing an audit is worrying, even if you have all your numbers in order. Worse, dealing with an audit can be scary if the payments make it impossible to have enough to live on.

Taxes 113

Taxes Finance IT Management 113

BerniePortal

JUNE 17, 2020

With many companies and organizations scrambling to keep their operations afloat during the pandemic, the Internal Revenue Service (IRS) postponed the tax return deadline until July 15. Likewise, the IRS also announced the same date as the extension deadline for 2019 HSA contributions. Here’s what you need to know.

Taxes 75

Taxes 75

Business Management Daily

OCTOBER 20, 2022

What was once a more straightforward question, has caused some confusion since 2020. Does local income tax withholding follow the wages or the person? If it follows the wages, you withhold taxes where the wages are earned. If it follows the person, you withhold taxes where the person earning those wages is located.

Taxes 52

Taxes Work From Home Technology Employment 52

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” 2020) to the year that they are paying IRMAA (e.g.,

401(k) 244

401(k) Taxes Pension Deductions 244

PayrollOrg

JANUARY 17, 2022

PayState Update – Volume 22 – 2020. Federal Payroll Tax Laws & Regulations. Federal Payroll Tax Laws & Regulations contains payroll-related sections of the Internal Revenue Code and Internal Revenue Service regulations. Federal Payroll Non-Tax Laws & Regulations. APAs Guide to Local Payroll Taxes.

Electronics 197

Electronics Payroll Taxes Online Payroll 197

Patriot Software

JANUARY 27, 2021

There’s a new tax in town: the Seattle JumpStart tax. So Seattle employers, read up on the new payroll expense tax and what it means for you and your business. What is the Seattle JumpStart tax? On July 6, 2020, the Seattle, Washington […] READ MORE.

Taxes 89

Taxes Employment Payroll IT 89

Kollath CPA

SEPTEMBER 7, 2021

If you think you can avoid the federal estate tax, ­­you’re probably right. The federal estate tax applies to Americans only if their estates total more than $11.7 Learn more Myths of the Estate Tax below. Only 4,100 estate tax returns were filed in 2020, and only about 1,900 estates were deemed taxable by the IRS.

Taxes 52

Taxes IT 52

Benefit Resource Inc.

SEPTEMBER 22, 2020

Healthcare is complicated, so how can you get the most out of Open Enrollment 2020? Start by using this list of three questions you should ask yourself before signing up for your pre-tax benefits. To get a picture of your pre-tax income, take a look at one of your recent pay stubs before taxes.

Out of Pocket Cost 81

Out of Pocket Cost Deductions Deductible Healthcare 81

PeopleKeep

OCTOBER 6, 2020

Department of Health and Human Services (HHS) has released the 2020 federal poverty level (FPL) guidelines which are used to determine eligibility for programs such as Medicaid, food stamps, or education subsidies in 2021. Also known as “federal poverty guidelines,” the FPL is used to measure a household’s poverty status.

Food 96

Food Education Taxes IT 96

BerniePortal

JANUARY 13, 2021

In December 2020, the IRS released the final version of the 2021 Form W-4. The important tax form includes only very few changes from the 2020 version, which was overhauled to feature more accurate withholding information in a simpler, more accurate, and more private document. Here's what you need to know.

Taxes 72

Taxes 72

HR Digest

JANUARY 8, 2020

Does this mean you’ll get an extra paycheck in 2020? Does this mean you’ll earn more than your annual salary in 2020? Or will the amount of each paycheck in 2020 be lower than in 2019? lower each pay period during 2020 (although you’d make the same total salary). This means that gross pay would be 3.7%

401(k) 81

401(k) Gross Pay Deductions Deductible 81

PeopleStrategy

APRIL 18, 2022

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

Taxes 52

Taxes Deductions Deductible Entertainment 52

BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Tax season is among us - so today, we’re covering what HR Parties of One need to know. Paying employer contributions for FICA taxes. Paying other employer business taxes. The History of Employer Taxes.

Taxes 52

Taxes Employment Deductions Deductible 52

BerniePortal

JANUARY 22, 2020

Trying to beat the tax time rush? Mid-January marks the start of tax season! Employees have likely already received their W-2s (January 31 deadline) and are preparing to file for 2020. Along with the new W-4, the IRS has updated its online tax withholding estimator. Review Health Savings Account.

Taxes 64

Taxes Health Savings Account Health Insurance Medical 64

Business Management Daily

AUGUST 17, 2020

President Trump’s executive order suspending the employee portion of Social Security taxes, issued two weeks ago, left many employers wondering what to do. Then, the Treasury Department offered some clarity on the payroll tax. We’ve spent the better part of this week reading other tax lawyers’ opinions about this.

Taxes 81

Taxes Payroll Payroll System Payroll Software 81

Patriot Software

JANUARY 13, 2020

Like past years, the IRS released changes to the income tax withholding tables for 2020. In addition to new wage brackets, there are significant changes to how employers will handle tax withholding. These changes are in response to the Tax Cuts and Jobs Act of 2017. When you have employees, you need to stay on […].

Taxes 94

Taxes Software Employment Payroll 94

Benefit Resource Inc.

JUNE 1, 2020

This Father’s Day 2020, you might be surprised at some of the items you can find online. Our best picks for Father’s Day 2020. Your pre-tax account is here to help you treat yourself and be the best dad possible. Happy Father’s Day 2020! Make sure you let your dad (or uncle or brother!) The Basics.

Flexible Spending Account 61

Flexible Spending Account Flexible Spending Health Savings Account Taxes 61

Money Talk

JANUARY 4, 2023

in April 2020, started the year at 4.7% Taxes - The average income tax refund in 2022 was $3,039, but some families with advanced child tax credits faced tax payments. Some states held sales tax holidays in response to high inflation. Savings Rates - The U.S. savings rate, which rose to a record 33.8%

Finance 242

Finance Banking Taxes Food 242

Professionals Alternative

JULY 15, 2020

From tax planning down to making ideal decisions that are based on precise financial information, top-notch accounting knowledge is vital to your success. 2) Tax Savvy for Small Business. Daily, writes with the 35 years of experience he accumulated as a tax attorney. In this book, the author, Frederick W. 3) Profit First.

Taxes 64

Taxes Recruitment Finance IT 64

Benefit Resource Inc.

DECEMBER 10, 2020

BRI employees are in a unique position; we handle pre-tax benefits administration for thousands of participants every year, and utilize the same plans we sell! We wanted to share the main lessons BRI employees learned about financial wellness in 2020. . 2020 has proven why HSA’s are so important. Financial Wellness Lessons.

Health Savings Account 45

Health Savings Account Medical Taxes Deductions 45

BerniePortal

OCTOBER 13, 2020

13, 2020, that the wage cap for Social Security payroll taxes will increase in 2021. The Social Security Administration (SSA) announced on Oct. What do employers need to know about this update?

Taxes 69

Taxes Payroll Employment 69

Money Talk

MAY 4, 2023

Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. in January 2020 and 5.1% Below is a brief description of the ten trends that I discussed: Inflation- The U.S. The goal is a so-called “soft landing” (i.e., not slowing the economy too much to avoid a recession).

Education 244

Education Finance Pension Taxes 244

Benefit Resource Inc.

JANUARY 16, 2020

Incorporating lifestyle components into pre-tax accounts. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? Tools like HSA Bridge allows employees to pay for qualified expenses with tax-free money before their HSA balance has built up.

Health Savings Account 73

Health Savings Account Flexible Spending Account Flexible Spending Taxes 73

Global People Strategist

MAY 21, 2020

This has prompted the government of India to lower deduction certificates and extend the relief until the end of June 2020. These considerations have created much relief for taxpayers in India as many were struggling to file their own taxes since many tax offices are shut down due to COVID-19.

Taxes 52

Taxes Government Deductions Deductible 52

Benefit Resource Inc.

MARCH 23, 2020

Tax time is no longer just April 15th. Recent guidance from the IRS delays the Federal tax filing deadline and Federal tax payment deadline. The deadline was extended from April 15, 2020 to July 15, 2020 for the 2019 tax year. Tax payment deadline delayed. Tax filing deadline delayed.

Taxes 49

Taxes Health Savings Account IT 49

Global People Strategist

MAY 11, 2020

The Hungarian Government introduced some significant changes to labor law effective as of January 1, 2020. In this article, we address some of the major changes in the 2020 Hungary Labor Code. Effective January 1, 2020, employees with children will be able to request a reduction in their shift hours by half.

Health and Welfare 52

Health and Welfare Pension Government Taxes 52

Business Management Daily

JANUARY 6, 2020

Most deal with implementing the Tax Cuts and Jobs Act: Guidance on the definition of “qualifying relative” for individual income tax purposes. Employees may account for tax dependents in Step 3 of the 2020 W-4. The IRS, for example, may need to refocus its attention on new tax legislation.

401(k) 52

401(k) Family and Medical Leave Act Deductions Deductible 52

PeopleKeep

NOVEMBER 15, 2019

In practical terms, that means small businesses are limited in how much tax-free money they can offer their employees through the benefit. In 2020, small businesses may offer up to $5,250 per self-only employee and up to $10,600 per employee with a family.

Taxes 49

Taxes Employment 49

Patriot Software

AUGUST 14, 2020

To help with the negative effects of the coronavirus, the president issued multiple executive orders on August 8, 2020, with one relating to a payroll tax deferral. As the coronavirus continues to rock businesses’ and individuals’ worlds nationwide, the government is scrambling to find ways to provide additional relief.

Taxes 71

Taxes Payroll Government 71

Global People Strategist

JULY 6, 2020

Preliminary recommendations have been issued in Greece in order to reduce additional tax and social security contribution amounts with the hopes of potentially attracting investments from foreign parties. These changes, if approved by government, would be processed in the summer and announced in the fall of 2020.

Taxes 52

Taxes Government Employment IT 52

Business Management Daily

JUNE 22, 2020

At Tuesday’s first workshop, Payroll Changes for 2020 and Beyond , Andrew Garboden, CPP, Director of Payroll Training at the American Payroll Association and Curtis Tatum, Esq., share of Social Security taxes doesn’t affect your Social Security tax liability. share of Social Security taxes through the end of the year.

Paid Sick Leave 52

Paid Sick Leave Payroll Paid Leave Taxes 52

Business Management Daily

DECEMBER 1, 2019

1 payday back into 2020, you’d still have 27 biweekly pay periods, this time in 2021. Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. 1, 2021, is a holiday. Twist: If you don’t push the Jan.

Payroll 83

Payroll 401(k) Deductions Deductible 83

Money Talk

JULY 20, 2023

In 2020, I wrote the book Flipping a Switch to describe 35 transitions experienced by older adults. Tax Diversification - Sprinkled throughout the book are references to required minimum distributions (RMDs) and their impact on older adults’ taxes. My answer: an enthusiastic Yes! Understanding this mindset is critical.

Taxes 130

Taxes Finance Government IT 130

Money Talk

FEBRUARY 1, 2023

From May 2020 through October 2022, the fixed rate was 0.0% (zero). 178.36) through Treasury Direct and up to $5,000 (in different increments) of “old school paper I-bonds” (like I have) via a tax refund. at least for a six month period. How can I be earning more than the current interest rate paid on newly issued I-bonds?

Electronics 245

Electronics Government Taxes Banking 245

Flimp Communications

FEBRUARY 7, 2020

We’re in the middle of tax season now and April 15th is closing in fast. For many full-time employees , filing their taxes every year isn’t all that difficult. Conversations about financial wellness need to start somewhere, so why not take advantage of the opportunity tax season affords you? 2020 Tax Season Changes.

Taxes 53

Taxes 401(k) Health Savings Account Finance 53

Business Management Daily

APRIL 1, 2020

Quick as jackrabbit, the IRS has released a new draft form and draft instructions for employers that elect to take any of the payroll tax credits contained in the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. MediumCo pays $10,000 in sick leave and is required to deposit $8,000 in taxes.

Payroll 52

Payroll Taxes Paid Sick Leave Employee Retention 52