10 Things to Know About Your Paycheck and Payroll Taxes
It’s National Payroll Week. Here are 10 things workers and employers should know about withholding, payroll taxes, worker classification, records, and more.
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Social Security and Taxes: What You Pay and What You Get
Learn how Social Security taxes work in 2026, including payroll and self-employment taxes, retirement benefits, and when benefits may be taxable.
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Businesses Can Save Big with ERC Pandemic Relief
In March of 2020, Congress introduced a new tax credit: the Employee Retention Credit (ERC) as part of the CARES Act. The ERC was a direct response to the pandemic and was designed to help businesses keep employees on the payroll. But the ERC got off to a rocky start and was quickly overshadowed by…
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Questions Raised After IRS Rolls Out Payroll Tax Deferral Guidance
On August 8, 2020, President Trump issued a directive to the Department of Treasury to allow for the deferral of payroll taxes for the period of September 1, 2020, through December 31, 2020. Details were scarce, but a few days later, Treasury Secretary Steven Mnuchin suggested to Fox Business’ Maria Bartiromo that the deferral would be voluntary. Today,…
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Mnuchin Suggests Payroll Tax Deferral Will Be Discretionary
(Updated to add the letter from the Chamber.) Last week, President Trump took Presidential action to act on payroll tax collections. Specifically, he ordered that the employee’s share of Social Security taxes be deferred beginning September 1, 2020, through December 31, 2020, for workers earning up to $104,000 per year. While it has been touted…
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Confusion After President Trump Orders Temporary Payroll Tax Cut
On August 6, 2020, the Senate adjourned without passing a stimulus package. Senate Majority Leader Mitch McConnell (R-KY) wasn’t involved in the talks, leaving Senate Minority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) to work directly with Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows. As of Friday…
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What You Need To Know About Payroll Tax Cuts
When I was younger, a family friend gave us a pile of old dresses. Hand-me-downs weren’t new to us, and my mom was an amazing seamstress who could make almost anything look terrific (she handmade both of my prom dresses and most of my church dresses). But I didn’t have my mom’s talent. I was,…
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How The Employee Retention Credit Can Help Businesses Of Practically Any Size Keep Employees On Payroll
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package that was signed into law by the President. The stimulus bill (also called the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act) has several moving pieces…
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President Trump Considers Payroll Tax Relief In Response To COVID-19
Stocks are expected to rally today after a historic drop on Monday. Concerns over the price of oil (thanks to a price war between Russia and Saudi Arabia) and how the coronavirus will further affect the global economy sent shares tumbling by 2,013 points: the most significant point drop since Dow began recording stock averages…
