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What is a payroll expense? A guide to payroll expenses

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What is a payroll expense? A guide to payroll expenses - Article Payroll expenses are the costs associated with hiring employees and independent contractors for your business. To pay workers, start with gross pay and deduct withholdings to calculate net pay. Processing payroll requires you to collect and manage data, and your payroll expenses may change frequen...

2022 Federal Income Tax Brackets, Standard Deductions, Tax Rates

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2022 Federal Income Tax Brackets, Standard Deductions, Tax Rates Learn the IRS rates and inflation adjustments for 2022 federal taxes—tax brackets, standard deductions, new IRA rules, and more.

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

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What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS | Internal Revenue Service Tax Tip 2022-109, July 19, 2022 — When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or mor...

IRS reminds taxpayers who haven't filed yet to choose their tax preparer wisely

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IRS reminds taxpayers who haven’t filed yet to choose their tax preparer wisely | Internal Revenue Service Tax Tip 2022-79, May 23, 2022 — Taxpayers who have not yet filed their 2021 tax return may file electronically when they are ready rather than wait until the October 17, 2022, extension deadline. If they are considering hiring a tax preparer, it’s important to choose wisely. Taxpayers are respon...

Gambling Loss Tax Deductions: No Luck Involved

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Gambling Loss Tax Deductions: No Luck Involved The IRS takes a broad view of what constitutes a gambling activity. This isn’t restricted to betting on the racetrack or dog track or high stakes at the casinos, although those count, too. It also encompasses lotteries, raffles, keno, poker games ...