2023 IRS PAYROLL FIGURES
SOCIAL SECURITY WAGE BASE Wages will be taxed up to $160,200 for FICA in year 2023. The 2023 rates for FICA (6.2%) and Medicare (1.45%) remain unchanged. FUNDING 2023 RETIREMENT…
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Indiana County Income Tax Increases
The following Indiana counties increased their county income tax rates effective for wages paid on or after October 1, 2022. Boone – 1.7% Johnson – 1.4% Monroe – 2.035% Knox…
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Employee Retention Tax Credits – An Update
AccuPay has been helping clients of our payroll/HR services firm calculate and file ERC tax credit claims, resulting in IRS refund checks, for 2 years now. We have educated many…
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Review Your 2022 Tax Targets
Now is an excellent time for both employees and employers to make sure they will reach their payroll, tax and financial objectives for calendar year 2022. The following items should…
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How Often to Pay Employees – Pros & Cons
The selection of a “pay frequency” by an employer is important and should “fit” your company objectives and comply with state law. New employers must adopt a pay frequency along…
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IRS Audits of ERC Tax Credits
I recently came across an article written by Daniel Mayo, a contributing author to Forbes and a national tax partner for Withum, a “top 100” CPA/consulting firm. The article, titled…
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Final Paycheck Rules
When it’s time for the company and an employee to part ways, whether voluntary or involuntarily, it’s always helpful to have a set best practice. One of the most important…
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Who is An Independent Contractor?
Failing to know the difference between an employee and an independent (1099) contractor can be costly, with stiff financial penalties, and even jail time for the most flagrant violations. Fortunately,…
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New Hire Payroll Forms
When you hire a new employee, it is important to complete all required payroll forms. These forms include the New Hire Reporting Form, W-4, state withholding form (as applicable), and…
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HOW TO READ YOUR 2021 W-2
Years ago, W-2 forms were fairly straight-forward, reporting wages paid to your employees along with tax withholdings. The days of simple W-2’s are long gone! Wages reported in boxes 1, 3…
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