Dec 29, 2014 | Business Taxes, Employment Taxes
The responsibilities of employers don’t end when the paycheck has been issued; they are also responsible for: Paying the company’s share of payroll taxes. This includes Social Security, Medicare, FUTA, and state unemployment taxes.Depositing the money withheld...
Dec 29, 2014 | Business Taxes, Deductions
These deductions are only made if the employee agrees to them. This money pays for different benefits that the employee has elected to participate in. Examples include health and life insurance premiums, employee stock purchase plans, retirement contribution plans,...
Dec 29, 2014 | Business Taxes, Employment Taxes
Employers withhold taxes from their employees’ paychecks and hand this money over to the various tax agencies. These deductions include:Federal Income Tax: The rate of tax is based on the tables found in Publication 15.Social Security Tax: The tax rate for Social...
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return, Tax Reporting
Tax Mistake If you make a mistake on your information return, you need to file for a correction as soon as possible. You will need to read more on amending mistakes at the IRS website. Alternatively, you can get in touch with an accountant today and ask for advice....
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return, Tax Reporting
If you believe you will be late when it comes to filing your information return, ask for a 30-day extension by submitting Form 8809. You can also make the request in writing to the IRS office in Kearneysville, West Virginia. Get Professional Accounting Help! For...
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return, Tax Reporting
Information return reporting requirements have been in place for many years, but the IRS has recently become stricter when it comes to enforcement. Penalties for late filing have been significantly increased, and you could now be hit with a $200 fine for a late or...
