HR University’s Post

What is Payroll Tax? Payroll tax is a state-based tax levied on the wages paid by employers. It applies to businesses that have an annual payroll above a certain threshold. In NSW, this tax is administered by the NSW Office of State Revenue. Thresholds and Rates (NSW) For both the 2024 and 2025 financial years, the payroll tax threshold in NSW is $1.2 million. You are liable to pay 5.45% on amounts exceeding this threshold. If you are registered for payroll tax, your annual payroll tax return is due for lodgment by 29 July 2024. What Are Included as Wages? ~Salaries and Wages ~Bonuses and Commissions ~Allowances ~Superannuation Contributions ~Payments to Contractors ~Fringe Benefits Want to Minimise This Liability? Reach out to our team today for strategies to implement and reduce your payroll tax liability going forward. #smallbusiness#businessowners#payrolltax

This may seem like a simple question but payroll taxes and the impact they have on churches is a foundational component for any church looking to explore more compliance and automation via an HCM provider. Here's a great article that highlights payroll taxation from a macro to micro level. APS Payroll specializes with faith-based organizations helping them stay payroll compliant as well as scale their HR processes as they grow beyond one campus. https://lnkd.in/ggH3b93c

Attention Payroll Managers! The new personal income tax thresholds come into effect on 31 July. Not sure what you need to do? We've broken it down in this blog post. https://lnkd.in/g_yjnHTx

Love them or hate them, payroll taxes are a mandatory responsibility for all employers and employees. Employers are required to deduct taxes from employees' paychecks, match certain amounts, and pay other stipends as well. While it sounds fairly formulaic, when you consider shifting deadlines and complex calculations, payroll taxes can feel like a never-ending puzzle. And here’s the kicker: One missed deadline or misstep could cost your business exponentially, leading to major financial consequences. But don’t stress! Staying on top of payroll tax deadlines doesn’t have to be a headache. We’ve written this article (linked in the comments section) to help you navigate the who, what, and when of payroll tax filing and payments. From quarterly Form 941 deadlines to monthly deposit schedules, we’ll walk you through everything you need to know to file your taxes for 2024 and beyond. Let us take the complexity out of the equation so you can focus on what matters most — efficiently and effectively running your business! #PayrollTaxes #TaxFiling #SmallBusinessTips #EmployerResponsibilities #BusinessFinance #TaxDeadline #PayrollManagement #FinancialPlanning #TaxCompliance #OnTheClock #WeAreOTC

Why so many businesses have payroll tax problems. First, many businesses are not aware of the costs, (social security, unemployment, workers comp etc) and then the amount of filings. Depending on where the business is located or where the employee is located, you have quarterly fed, state and local filings. Then you have annual filings, W2s, workers comp audits etc. Businesses that operate in multiple states may have to file quarterly in all states. If you stop payroll, you need to make sure you finish your quarterly filings andissues W2s plus file your annual 940. Again, because of the complexity it’s easy for a business to fall behind. What does the IRS care about most though?? Unpaid payroll taxes. If you owe or have filed returns, they will usually contact you pretty quick. Why? This is how the government collects the majority of its money, and remember that is what the IRS primary job is…. #payrolltax #irsproblemsolver #cpa #taxattorney

Payroll taxes, which include Social Security, Medicare, and unemployment taxes, are critical financial responsibilities for employers. We’re here to help you understand how payroll taxes work and the importance of compliance. Read through this article for up-to-date info!

Payroll Taxes Done Right with Peter Holtz CPA – No Stress, No Mess! Payroll taxes giving you a headache? Don’t sweat it! At Peter Holtz CPA, we turn payroll tax chaos into smooth sailing. Whether it's calculating withholdings or hitting deadlines, we’ve got it all under control so you can get back to what you do best—running your business. Here’s how we keep payroll taxes stress-free: 1. Spot-On Withholdings: We get it right the first time—no overpayments or underpayments, just perfectly calculated taxes for each employee. 2. Never Miss a Deadline: We handle all your payroll tax filings on time, every time—federal, state, and local. No late fees, no penalties, just peace of mind. 3. Stay Ahead of the Game: Payroll tax laws change fast, but we stay faster. We keep your business fully compliant and up-to-date so there are no nasty surprises come tax time. Let Peter Holtz CPA handle your payroll taxes with a smile. Contact us today for tax management that’s as smooth as it is stress-free! #PeterholtzCPA #PayrollTaxes #NoMessNoStress

Is payroll tax leaving you feeling overwhelmed while your employees celebrate payday? It doesn’t have to be that way. Our free eGuide simplifies payroll tax, helping you: ✅ Understand what payroll tax is ✅ Determine if your business is liable ✅ Avoid common pitfalls ✅ Calculate payroll tax with ease ✅ Access a handy Payroll Tax Essentials Checklist Get your guide now and take the stress out of payroll tax. Download it here: https://lnkd.in/grH2QuEr

Payroll Taxes Done Right with Peter Holtz CPA – No Stress, No Mess! Payroll taxes giving you a headache? Don’t sweat it! At Peter Holtz CPA, we turn payroll tax chaos into smooth sailing. Whether it's calculating withholdings or hitting deadlines, we’ve got it all under control so you can get back to what you do best—running your business. Here’s how we keep payroll taxes stress-free: 1. Spot-On Withholdings: We get it right the first time—no overpayments or underpayments, just perfectly calculated taxes for each employee. 2. Never Miss a Deadline: We handle all your payroll tax filings on time, every time—federal, state, and local. No late fees, no penalties, just peace of mind. 3. Stay Ahead of the Game: Payroll tax laws change fast, but we stay faster. We keep your business fully compliant and up-to-date so there are no nasty surprises come tax time. Let Peter Holtz CPA handle your payroll taxes with a smile. Contact us today for tax management that’s as smooth as it is stress-free! #PeterholtzCPA #PayrollTaxes #NoMessNoStress

What is 941 in USA payroll: In the U.S., Form 941 is the federal Employer’s Quarterly Federal Tax Return. This form is used by employers to report wages paid to employees and the federal taxes withheld from those wages, including: Federal Income Tax Withheld - Tax withheld from employee paychecks for federal income taxes. Social Security and Medicare Taxes - The employer's and employees' portions of these payroll taxes. Employer’s Share of Social Security and Medicare Taxes - Employers also pay a portion of Social Security and Medicare taxes, matching the amount withheld from employees. Key Aspects of Form 941 Quarterly Filing: Employers must file Form 941 four times a year, typically due on the last day of the month following each quarter (e.g., April 30, July 31, October 31, and January 31). Deposit Requirements: Taxes reported on Form 941 usually need to be deposited on a semi-weekly or monthly basis, depending on the employer’s deposit schedule. Penalties: Failing to file or pay the taxes on time can result in IRS penalties and interest charges. Purpose of Form 941 Form 941 provides the IRS with an accurate record of federal payroll taxes withheld and paid by the employer. It’s essential for employers to keep these filings up-to-date, as they directly impact compliance with tax laws and employee records for Social Security and Medicare benefits. Let me know if you need more details on how to file Form 941 or calculate payroll taxes! #PayrollTaxes #Form941 #TaxSeason #QuickBooksExperts #TaxCompliance #SmallBizAccounting #PayrollServices #QuickBooksOnline #BookkeepingLife #FinanceManagement