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.

14 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
2
votes
0answers
534 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 ...
2
votes
0answers
107 views

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 ...
2
votes
0answers
58 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 ...
2
votes
0answers
1k views

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 ...
2
votes
0answers
1k views

I had payroll deductions taken post-tax instead of pre-tax. What should I do?

Due to a paperwork mixup of my own doing (incorrectly added her as a domestic partner), a year's worth of insurance premiums paid on behalf of my wife were deducted post-tax instead of pre-tax. The ...
1
vote
0answers
100 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 ...
1
vote
0answers
38 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 ...
1
vote
1answer
315 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 ...
1
vote
0answers
295 views

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 ...
1
vote
0answers
58 views

US-EU dual citizen working for US non-profit while living in Ireland or UK?

I am a full-time, salaried employee for a US non-profit based in Virginia, where I currently reside. I have citizenship of the United States and now citizenship of Italy (by descent). My fiance (soon ...
1
vote
0answers
130 views

How can I calculate an employer 25% contribution for a solo 401k in advance?

My situation: I am the sole employee of an S-Corp. In 2016, based on a reliable contract, I can expect a gross of $80K. Typically, I have $2-3K in expenses. I'm under 50. Because of our overall ...
1
vote
0answers
226 views

For the purpose of filing taxes in Canada, is participating in ESPP considered to exercising stock options?

My tax professional and company payroll department are in a disagreement about what box on the T4 the taxable benefit of my ESPP should be included in. The payroll (Canadian office of a US based ...
0
votes
0answers
26 views

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?
0
votes
0answers
493 views

Live/Work in Illinois but do some work for NY company in Illinois

I reside and pay taxes in Illinois. I have a client that is based in NY. I do work for this client in Chicago, where I live. Employer deducts NY State Income tax. (I am a freelance actor, but this ...