“The electoral-economic cycle breeds a lurching, stop-and-go economy the world over. Governments fool around with transfer payments, making an election year prank out of the Social Security system and the payroll tax. There is a bias...Show More Summary
A western Missouri business owner pleaded guilty to failing to pay more than $1.4 million in payroll taxes. Federal prosecutors say 50-year-old Randy Small, of Lexington, pleaded guilty Tuesday. Small … Click to Continue »
Employers in the city pay a one-half of one percent payroll tax, but many have been exempted from this requirement. Ald Conway wants to end the exemptions for those with 21 or more employees: BOARD BILL NO. 58 INTRODUCED BY ALDERMAN STEPHEN CONWAY An ordinance pertaining to the payroll expense...
Save on payroll taxes by cutting your salary? Newt Gingrich, John Edwards and (it appears) Donald Trump did it. Maybe you should too.
On Fridsy a bill was introduced at the St. Louis Board of Aldermen to increased revenue to pay for more police, and increase their salaries. Alderman Stephen Conway says he’d like to end the city’s exemption of the half percent payroll tax granted to nonprofits. “We are losing officers,” Conway says...
State agents took financial records, payroll records, tax returns and documents from high profile clients like BlueCross BlueShield and the Ports Authority when they raided the business offices of a … Click to Continue »
Getting stuck paying someone else's taxes is the worst, and it can happen with payroll taxes if your role at an employer is considered a 'responsible' one.
May Federal tax collection data sent negative signals. The surge in April withholdings turned into a purge in May, as collections decelerated sharply. The weakness in nonfarm payrolls was no accident. Here’s why more bad news may be coming and why it may not be bearish for markets yet. Show More Summary
I am graphing the average combined federal taxes on our single earner family of four with three combinations of tax rates: Income only Income & Payroll (the employee part of social security and medicare) Income & Payroll (both the employer...Show More Summary
Tax evasion is serious, and payroll tax charges can be especially serious. Skirting payroll tax compliance like Robert N. Bertrand is alleged to have done, can be expensive. But getting to the IRS first before you are caught is key.
A proposed single-payer health system in California would cost about $400 billion annually, with up to half of that money coming from a new payroll tax on workers and employers, according to a state a...
Lego smashes its 100% renewable energy goal, Aussie police bust syndicate suspected of $165 million payroll fraud, the first trailer to Star Trek. Discovery. More »
The Oregonian reports that the state legislature’s Joint Committee on Transportation Preservation and Modernization “on Monday [May 8] unveiled a proposed package of vehicle fee, payroll and gas tax increases that would raise $5 billion...Show More Summary
Lifted from comments by Dale Coberly… This year’s Social Security Trustees Report seems to be late as usual. But this is the LAST year that a gradual increase in the payroll tax can begin and still solve some of the less understood problems of the projected shortfall in SS funding: This is mostly that a […]
The IRS Voluntary Classification Settlement Program (VCSP) allows taxpayers to reclassify their workers as employees for employment tax purposes and eliminate the risk of payroll tax problems caused by misclassification in previous tax years. In essence, the taxpayer agrees to classify its workers as employees going forward and pays a small portion of the employment […]
Writing in The Wall Street Journal on April 27–making another last-ditch pitch for a 20% border tax on business imports–Martin Feldstein asserts that unless corporate tax rate cuts are “offset” by tax increases on imports or payrolls then larger projected deficits would crash the stock market by raising long-term interest rates. Show More Summary
Payroll tax disputes often arise when a worker is paid as an independent contractor, but the IRS or California Employment Development Department (EDD) believes that the worker is an employee. There are some differences between federal and state requirements, but a business will often have to deal with both the IRS and EDD when a […]
The owner of a payroll company has pleaded guilty to tax evasion charges in the theft of $5.3 million in wage taxes from his clients. Defense attorney Philip Lauer said … Click to Continue »
Nevada Democrats are advancing a bill to give businesses a break on payroll taxes if they help employees pay for child care. Companies would get a discount off their annual … Click to Continue »
More than 80% of the US federal government’s budget comes from payroll and income taxes. The National Priorities Project is dedicated to helping Americans understand how that money is spent. Here’s the data for 2016: The highest individual income “top” tax rate in history was 94%; that was the rate at which any income above 200,000 was taxed in 1945, equivalent […]