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Leaving a Job? Don’t Take a Tax Surprise with You
Leaving a Job? Don’t Take a Tax Surprise with You A recent Supreme Court decision could impact the taxes you pay when you leave a job. Being aware of this new change could save you plenty if you pay attention to your severance… An inevitable part of life is a changing jobs. Now a recent Supreme Court decision clarifies that severance payments you receive when you leave your job are wages and subject to employment taxes. So how might this impact you? Background All employees and employers pay FICA taxes. There are two components; Social Security. Social Security tax rates
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Seven Payroll Tips for Small Business Owners
Having a staff on payroll can seem very commonplace as well as essential to running a small business, but many owners get in trouble with Uncle Sam because they don’t understand the complexity of payroll tax law. On the flipside, by not fully understanding the rules, it’s also common for business owners to overlook ways to manipulate employee pay to save money. With that said, here are a few tips for business owners to keep their payroll on track and in compliance with the IRS: 1. Make sure that you properly classify your workers. Just because a worker
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