Every January, John Weithas gets a report from the payroll managers for his Pasadena Italian food market that makes him wince. It’s the annual bill for his federal unemployment insurance tax. This year the bill approached $6,000. That’s a big hit for Weithas’ Porta Via Italian Foods, which employs...
An important provision of the new federal tax code was the capping of the deduction for state and local taxes at $10,000. This was an explicit hit at states like New York and California, which have relatively high tax rates in order to provide relatively high-quality services in areas like education and health care. Show More Summary
TweetYep, via Reddit we discover: From Bill Gates to Jane Kim… (Robot Tax sounds like a Daft Punk record. Let’s hope ear of taxation doesn’t drive them back to France.)
Yankees President Randy Levine says Republicans struck out with their final tax bill and urged Gov. Cuomo to step up to the plate.
That's what the numbers look like to me. This is the money that could be at stake if the state switches from its state income tax, much of which can no longer be deducted under the Republican tax plan, to an employer side payroll tax,...Show More Summary
Washington Metropolitan Area Transit Authority invited employers from DC, Virginia and Maryland to learn how to they can save money on payroll taxes.
By Stephanie Kelly NEW YORK (Reuters) - Companies in New York state are "open to the idea" of moving the state income tax code to a payroll tax system, a senior state official told Reuters on Friday. Governor Andrew Cuomo earlier this...Show More Summary
A 401k plan through your employer is a great way to save for retirement because of the tax advantages offered. Plus, you make contributions through payroll contributions, so you can automate your savings and the contribution limits are significantly higher than for individual retirement plans. Read more... Permalink | Email this | Linking Blogs | Comments
NEW YORK, Jan 2 (Reuters) - The first paychecks of 2018 will be dispatched soon, but it may be weeks or months before taxpayers and payroll processors know how the new U.S. tax laws will affect your take-home pay. Read more... Permalink | Email this | Linking Blogs | Comments
The Republicans in Congress and Donald Trump were really hoping to sock it to the blue states like California and New York, which voted against him by large margins. This is what limiting the deduction for state and local income and property taxes is all about. Show More Summary
If the acquisition of Adrian Gonzalez five years ago marked the beginning of the most extravagant era in Dodgers history, his departure last week signaled its end. The Dodgers have paid a record amount in luxury taxes the past five years, nearly $150 million. They will spend again, but not like...
The owner of a taxi company and ice cream shop in West Virginia has admitted failing to withhold and pay almost $400,000 in payroll taxes over four years. According to … Click to Continue »
Eugene Volokh (UCLA), Now That State Income Taxes Aren’t Going to be Deductible, Will States Switch to Payroll Taxes?: [S]ay California replaces the state income tax (at least for employment income) with a state payroll tax that’s paid by the employer, and that it comes in at the same amount...
GOOD QUESTION: Now that state income taxes aren’t going to be deductible, will states switch to payroll taxes?
The Senate just voted to reject the Marco Rubio-Mike Lee child tax credit amendment to the GOP Senate Tax Bill by 71 to 29. The amendment would have made the child tax credit refundable against the payroll tax, resulting in higher immediate take-home pay for parents. Show More Summary
Ramesh below is absolutely right about the case for the Lee-Rubio amendment making the child tax credit refundable against both income and payroll taxes, and about the weakness of the case against it. If there’s a point I’d press aShow More Summary
Cuts to the employer portion of payroll taxes are often discussed as a policy lever to reduce labour costs for firms. This column examines the effects of a Swedish experiment which dramatically cut employer payroll taxes for young workers between 2007 and 2015. Show More Summary
The former Vice President of a South Carolina-based bank has pleaded guilty to conspiring to defraud the United States by participating in an employment tax fraud scheme that resulted in over $1 million in unpaid payroll taxes. This case shows that the Department of Justice will go after those who are complicit in employment tax […]