• Skip to content
  • Skip to primary sidebar

Header Right

  • Home
  • About Us
  • Contact

Archives for September 2020

Gig Economy and Taxes

September 30, 2020 by Todd Renner

The so-called gig economy may be the wave of the future for a substantial number of workers. There are lots of implications – especially regarding taxes. The word “gig” has broadened from its original usage by musicians for an engagement for a performance to now include any type of job that’s temporary or flexible, where […]

Filed Under: Tax Information

Worker Classification: Pay Attention

September 16, 2020 by Todd Renner

It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor. But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, […]

Filed Under: Management, Tax Information

New Payroll Tax Deferral

September 2, 2020 by Todd Renner

On 8 August 2020, President Trump issued a Presidential Memorandum to defer the collection of the employee portion of the FICA tax (6.2%). The deferral period begins 1 September 2020 and ends 31 December 2020 for employees earning less than $4,000 every two weeks ($104,000 per year). The employer must then withhold the deferred taxes […]

Filed Under: HR and Payroll, Tax Information

Primary Sidebar

Search

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020

Categories

  • Accounting
  • Best Business Practices
  • Firm Update
  • HR and Payroll
  • Investment
  • Management
  • Tax Information
  • Uncategorized

Copyright © 2020 · https://www.woodfordfinancial.net/blog