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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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?
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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 ...
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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....
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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 ...
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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 ...
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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 ...
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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?
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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 ...
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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? ...
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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 ...
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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....
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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?
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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 ...
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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 ...
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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 ...
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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....
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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) ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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114
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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 ...
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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 ...
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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 ...
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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'...
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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 ...
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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: ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 (...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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701
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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'...
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578
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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 ...
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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.
...
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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 ...
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Paying FICA taxes that employer forgot to withhold
My visa status changed from F1 to H1B in 2017, but my employer forgot to withold FICA taxes for me since the visa status change. (I'm a full-time employee who received a W2, and am not an independent ...
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Is it possible to run a non-profit organization that performs typically for-profit work?
I am based in the US, and I really like the idea of starting a non-profit organization that I can use to do good in charitable areas that I would like to contribute to. Unfortunately, one of my only ...
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LLC-SCorp to self - actually, does the corp pay payroll taxes?
In the USA. Here are the two common scenarios for the self-employed:
A. Joe makes 100,000 over the year. It's paid to him as 1099 payments from his various clients. Joe pays the many taxes on that.
...
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Layman explanation of Withholding Allowance tax form
Hopefully this doesn't violate any rules, but I was hoping someone could explain this Withholding Allowance form to me in layman terms: https://dch.georgia.gov/sites/dch.georgia.gov/files/...
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Which form to use, 1040 ES or 941, for one member S corp quarterly tax?
I am a contractor, and want to form an LLC and select being treated as S corp (by 2553 form).
I read online about federal quarterly payroll tax using form 1040 ES, but this article suggested to use ...
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296
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What tax scale will my paycheck use?
I get paid on 05-Jan-2018 for the period ending 31-Dec-2017. Will that check reflect the new tax laws, or the old?
What if the pay period straddles the calendar year?
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Do I need to pay medicare/social security as full-time employee but with a business on the side of which I'm the sole owner/employee?
I'm working full-time for a company, but I also have my own mobile app business on the side. Do all the regular self-employment rules apply to me? I'd like to take the money I make from my side ...
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Do I have to pay Medicare and Social Security taxes if I just have a work permit and not yet a green card?
I applied for a Green Card late July 2017. I just received my work permit few weeks ago. During this time where I am in between status am I exempt from Social Security and Medicare taxes?
When I had ...
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