Questions tagged [payroll-taxes]

taxes deducted generally by a company directly from payroll as required by tax authorities. It is recommended that a country tag be used as rules vary from region to region.

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My employer incorrectly withheld FICA taxes and will refund them, can I still file my taxes using my W2 instead of W2C?

As the title says, I am on student visa and my employer had incorrectly deducted fica taxes (medicaid and social security) from which I am exempt. As the first step is to contact the employer for a ...
MrStrike's user avatar
1 vote
2 answers
69 views

Tax implication – Working for California Employer for 2 months from Washington state?

Moved to Washington (from California) in November, while continued to work for CA employer until mid-March. Payroll was switched to Washington state mid-March. As I understand, California taxes will ...
Yugal Jindle's user avatar
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39 views

Demystifying LTA: Monthly Component and Travel Block Limitations

my salary slip shows a monthly LTA component, but the block period allows only 2 trips in 4 years (2022-2025). Only 1 trip, in a financial year, can be claimed I guess. What does this monthly limit ...
InvestInYourFuture's user avatar
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0 answers
94 views

Seeking Clarification on Indian Taxation After Resignation and Job Change

I recently made a career transition, resigning from an Indian IT company in February 2023 with my LWD in May. And, I was going through the last six months pay slips provided by the organization, after ...
InvestInYourFuture's user avatar
6 votes
3 answers
1k views

Would funding a Fidelity HSA from a bank account instead of direct deposit incur extra taxes?

While opening a Health Savings Account with Fidelity, I was asked whether I wanted to add money to my account by either linking a bank account or directly depositing my paycheck. My understanding was ...
Stevoisiak's user avatar
0 votes
2 answers
603 views

Does an employer need to know his contractors'/employees' birthdate to correctly file taxes?

If so, then how to verify a birthday and what if a contractor or employee lies about his/her birthday? Sometimes a payroll software will automatically do the taxes, but certain payroll software only ...
No Name's user avatar
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2 answers
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How is payroll tax calculated in Queensland?

In QLD Australia I can see the payroll tax rate is 4.75 or thereabouts. I want to know how much my employer would pay on my behalf for payroll tax. It doesn't need to be an exact value but more a ...
AM73's user avatar
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1 answer
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Whose responsibility is it for paying SS and Medicare?

My previous company never deducted Social Security and Medicare taxes for the last 6 years. In all these years, I have been filing the taxes using the exact W2 information that they provide. I think ...
ACE's user avatar
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What tax forms are required for solo S corps in California?

The FTB site only lists Form 100S as required filing. However, the EDD site also lists DE 34, DE 9, and DE 88. Are these forms necessary for the solo owner-employee?
llllvvuu's user avatar
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Payroll company has p45 but not changing tax code (UK)

I started a new job in September but because I moved house was unable to get my p45 for my old job before receiving my first paycheque (it was sent to my old place). I gave my P45 to payroll just ...
Elephant fresh's user avatar
3 votes
1 answer
277 views

Can I 'reverse' an S Corporation distribution?

I am the sole proprietor and employee of an S Corporation. I know I'm required to pay myself a reasonable salary. Say in January the S corporation received $30,000 of revenue from completing a project....
Claudiu's user avatar
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S-Corp owner salary change between pay periods

I searched a lot, but couldn't find any concrete answer for this question: When LLC S-Corp (Myself & Spouse), owners need to get paid "reasonable salary". I am planning to to run the ...
kosa's user avatar
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When filing form 2553 to elect S Corp taxation for an LLC that I own, how do I pay myself while waiting for form 2553 to be approved by the IRS?

For example, let’s say I file form 2553 in February to elect S Corp status for my LLC with a retroactive start date of January 1 of the same year. The IRS may take two months to review form 2553, and ...
Leo Galleguillos's user avatar
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1 answer
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What are the minimum financial benefits a long-term care insurance must have to allow a Washington tax resident to opt out from the long-term care tax

Revised Code of Washington (RCW) 48.83.020 (mirror) states: "Long-term care insurance" means an insurance policy, contract, or rider that is advertised, marketed, offered, or designed to ...
Franck Dernoncourt's user avatar
2 votes
1 answer
94 views

Do state payroll taxes qualify for SALT deductions?

Some states in the United States such as Washington state disguise income taxes as payroll taxes. Do payroll taxes qualify for State and Local Tax (SALT) deductions?
Franck Dernoncourt's user avatar
-2 votes
1 answer
161 views

Is it allowed to change one's qualifying long-term-care insurance after opting out from the long-term care payroll tax in Washington?

After opting out from the long-term care payroll tax in Washington by purchasing a qualifying long-term-care insurance, one has to keep a qualifying long-term-care insurance, other one may get in ...
Franck Dernoncourt's user avatar
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1 answer
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To opt out from the long-term-care payroll tax in WA, does the LTC insurance have to be active by Nov 1, 2021, or simply be purchased by Nov 1, 2021?

To be allowed to opt out from the long-term-care payroll tax in Washington state, does the long-term care insurance have to be active by November 1, 2021, or simply be purchased by November 1, 2021? ...
Franck Dernoncourt's user avatar
2 votes
1 answer
150 views

After opting out from the long-term care payroll tax in Washington by purchasing a qualifying long-term-care insurance, can one drop the insurance?

After opting out from the newly established long-term care payroll tax in Washington state by purchasing a qualifying long-term-care insurance, can one terminate the contract with the insurance? Or ...
Franck Dernoncourt's user avatar
1 vote
1 answer
85 views

Can a US LPR who changed their residency from California to Washington between Nov 2021 and summer 2022 opt ​out of the Washington long-term-care tax?

Can a US lawful permanent resident who changed their residency from California to Washington state between November 2021 and summer 2022 opt out of the newly established long-term-care payroll tax? E....
Franck Dernoncourt's user avatar
0 votes
0 answers
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Is an S-Corp required to pay the sole owner/employee a wage if the S-Corp only has passive income?

S-Corp has passive income; does the single person owner need to be paid a wage on payroll?
user104071's user avatar
3 votes
1 answer
142 views

W4 Extra Federal withholding option: Should this be on top of my regular federal tax amount?

I am talking about this area of the United States W4 Form: "(c) Extra withholding. Enter any additional tax you want withheld each pay period: " I have sold some properties in 2020 and I ...
maplemale's user avatar
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3 votes
3 answers
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Should I contribute to a 401k pre-tax or Roth after tax if I plan to work for a year and then go back to grad school?

I am completely new to investment for retirement, and just got my first job. My job offers a 401k pre-tax and a Roth after-tax. However I plan return to grad school after one year of working. Is it ...
dareToDiffer07's user avatar
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2 answers
272 views

With the Presidential "Payroll Tax Holiday" being imposed, should I invest the money in ROTH IRA or Regular Brokerage?

We've had a Presidential order creating a "payroll tax holiday", and the best information I can find about this can be read at Forbes and summarized as follows: No/Reduced federal tax from ...
Christ Schlacta's user avatar
4 votes
4 answers
2k views

Understand 401k contribution

I decided to add 5% in the 401k from this month and thought it will reduce my tax income but I don't see the much difference in Tax. Can someone help me understand that. My FITW Tax reduced from $459....
ejagkrch's user avatar
8 votes
2 answers
6k views

How much do I withhold for an employee receiving $2000 every two weeks?

I might soon be employing a single person, paying them $2000 every two weeks. How much should I be withholding? Can someone share how to perform these calculations (so in case it changes I can adjust) ...
gruszczy's user avatar
  • 215
2 votes
0 answers
631 views

PPP loan for business owner who "converted" 1099 contractors to w-2 employees starting from 2020?

Due to AB-5 bill passage many small business owners in California reclassified Independent workers (1099) as Employees (w-2) starting from January 1st 2020. Now when filing the PPP loan application ...
user4910112's user avatar
0 votes
1 answer
117 views

Can my employer's payroll company be liable for not withdrawing enough State taxes from my income? [duplicate]

My employer's payroll company did not withdraw the correct percentage of state taxes from my year's worth of paychecks. I'm now liable for $2,000 in state taxes. Can the payroll company be held ...
Julie D's user avatar
1 vote
0 answers
119 views

Does a small Bonus for an unpaid internship need to be reported or taxed?

I did an unpaid internship in fall 2019, at the end I was given an amount below $500 as a small bonus for my work their. It came from a personal account of my boss, so my question if that money needs ...
piy123's user avatar
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1 answer
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How to get a uniform amount of money for each paycheck given the social security threshold?

Near the end of last year, my paycheck stopped including Social Security Tax, causing my net pay to increase. I just learned that there is an annual threshold for contributions to FICA/SS This caused ...
JacobIRR's user avatar
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1 vote
1 answer
117 views

State Tax Error

I completed the paper work with my new employer to have state taxes deducted from my pay. The employer enter the information into the ADP system and the ADP screens indicate that state taxes to be ...
Lisa Harvey-Hill's user avatar
1 vote
1 answer
152 views

Payroll mismatch and incorrect sums on P60, what to put on self-assessment form?

My friend is doing yearly self-assessment online on HMRC site. She was employed on payroll for few years for the small UK's Limited company. However amounts on hers P60 doesn't match with what was ...
kenorb's user avatar
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2 votes
0 answers
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One of my W2 employees quit my repair shop in NYC, do I need to do anything on my end to alert the state/city?

I have a repair shop and one W2 employee. He just quit last month. Do I need to alert the State or City about payroll taxes or payroll insurance company that my guy left? I'm not sure if I need to do ...
Patoshi パトシ's user avatar
-1 votes
1 answer
296 views

Guidance of Offered Salary with Mandatory Expenses - Gothenburg

I have 6.9 years of experience in IT industry and 6.6 years of experience in DEVOPS skills which includes automation of deployment, Jenkins, Artifactory, Ansible, Artifactory, Dockerization and ...
Manoj kumar's user avatar
2 votes
1 answer
312 views

Clarification on getting paid from a company which filed for Bankruptcy?

I work as an employee for a contracting firm which supplies IT labor resources for their (or) to another contracting firm's clients. As there is a 45 day holding period for the contract firm which i'...
goofyui's user avatar
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1 vote
1 answer
96 views

Is any of the income earned from P2P lending subject to Social Security or Medicare taxes

Income from P2P lending is reported on forms 1099-INT, 1099-B, 1099-MISC and 1099-OID. Are any of these earnings subject to Social Security or Medicare taxes in any way? I have heard from people they ...
rcasady616's user avatar
0 votes
1 answer
274 views

Salary increased 25% and tax withholdings increased 300%? Help with my W4

I've filled out the W4 five times now and keep getting a high number. At my old job, about $344 was withheld in my biweekly paychecks and my new job is withholding 4 times as much. My new salary: ...
ximapi's user avatar
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3 votes
1 answer
66 views

How are Canada Pension Plan payroll deductions paid by both employee and the company?

I am thinking on moving to Canada but I want to calculate what my salary would be after taxes. I am using the tax calculator at https://simpletax.ca/calculator but there's still one thing I can't wrap ...
user avatar
1 vote
0 answers
43 views

S-Corp Take Home Estimation

Looking for an estimation of what the take home (i.e. after taxes) would be from an S-Corp. Lets assume the following: The S-Corp has a single stock holder All other income is out of scope for this ...
JoeJ's user avatar
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0 votes
1 answer
1k views

Taxes on an NY summer internship

I am a TN resident who will be doing a 12 week internship this summer in upstate NY. My salary is around 2.3k every two weeks. What would this be after taxes? Would my company take care of state and ...
lll's user avatar
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2 votes
0 answers
65 views

S Corp wages and FICA Form 1120s

Should preface this with this is my first time filing Form 1120s (s corp). Really wish I had not taken someones advice and created an LLC taxed as an S-Corp, but it's too late for that now.. Say that ...
Frustrated's user avatar
2 votes
1 answer
210 views

Over-collection of FICA (social security and medicare) taxes

I have been non-resident alien in the last year 2018, and I have switched to a new employer in the last few months of last year. Last month, I discovered that my new employer was collecting FICA (...
M.A's user avatar
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6 votes
1 answer
289 views

What happens when a Roth 401(k) contribution interferes with payroll taxes?

I tried looking up this up on Google but there were too many irrelevant search results. I also perused through the Roth 401(k) Plan documents but was not able to find a section on this. My salary is ...
coffee guy's user avatar
2 votes
2 answers
72 views

HSA payroll contributions and additional .9% medicare tax

HSA contributions through payroll deductions are generally exempt from FICA withholding. Does this apply to the additional .9% medicare tax for income > 200k? For example, after reaching 200k in W-2 ...
arcyqwerty's user avatar
  • 1,271
1 vote
1 answer
204 views

How do I calculate annual salary in case of salary split in a single month?

I am building a payroll system. My problem is if the employee's salary changes twice or thrice in a same month. If the: 1st period is x 2nd period is y then can I say annual income from 1st period ...
Rabin Poudyal's user avatar
0 votes
2 answers
111 views

Payroll contributions vs. Extra withholding: which one takes precedence?

Suppose I choose to make pre-tax payroll contributions to my 401(k) and/or HSA, of an amount that takes up most of my paycheck. I also selected on my W-4 form to make an extra tax withholding per ...
user102008's user avatar
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0 votes
1 answer
123 views

Will the IRS return some of the taxes imposed at a higher level than normal on a severance payment?

Say a former employer pays out a lump-sum severance, and say that payment has taxes withheld at a higher than normal rate. Will the difference between that tax amount and my regular payroll tax rate ...
isherwood's user avatar
  • 125
3 votes
1 answer
839 views

Backdating employment start date

Is it possible to officially backdate my employment start date with HMRC? I have been working part time for my current employer since April 2018 and I have just found out from my employer that he hasn'...
Anonymous's user avatar
2 votes
0 answers
658 views

Social Security and Medicare taxes not withheld [duplicate]

I have been working with same employer in the US since the start of H-1B in 2016. I just noticed that my W2 shows no SS and Medicare paid by employer. Since I applied for a change of status from F1 ...
ACE's user avatar
  • 147
9 votes
1 answer
2k views

With regards to a national insurance refund, what is my Work or Clock number?

So i got a letter from hmrc (UK tax) letting me know I'm due for a refund, and on one of the bits I need to fill out it asks me for my "Work or Clock number" for each job I've had during the tax year. ...
will's user avatar
  • 191
8 votes
1 answer
2k views

Wage difference in pay period for same weekly hours worked

If I get paid biweekly, but missed a pay period, so get a check for four weeks instead, should not my net simply be double what I normally get for 2 weeks? They increased my tax deductions, so that ...
DAGMAR A COMER's user avatar