How much can your employees contribute to 401(k) plans this year? How much will your business be able to deduct for business meals, driving expenses and equipment in 2022? Here are the answers to these and other questions about tax inflation adjusted amounts and other changes affecting businesses.
Tag: social security
Employee Retention Credit – The Rules Become More Liberal, More Complex
Learn about the recent tax law changes affecting the employer retention tax credit, potential benefits, and more
2021 individual taxes: Answers to your questions about limits
How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.
Many tax amounts affecting businesses have increased for 2021
How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.
Will You Have to Pay Tax on Your Social Security Benefits?
After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.
Employee Retention Credit
The Employee Retention Credit is a refundable tax credit against payroll taxes equal to 50% of qualified wages a qualifying employer pays to employees after March 12, 2020, and before January 1, 2021. The maximum qualified wages per employee is $10,000, Therefore, the maximum credit per employee is $5,000. The credit is available to all[ … ]
Numerous tax limits affecting businesses have increased for 2020
How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers to these and other questions about annual tax-related inflation adjustments affecting businesses.
What to do if your business receives a “no-match” letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they[ … ]
You may have to pay tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your[ … ]
