2020 PAYROLL TAX RATES
To our valued clients: Listed below are a few key points to keep in mind when preparing payroll tax returns and making payroll tax deposits for 2020: 2020 PAYROLL TAX RATES 1) The ceiling on which social security taxes are imposed on wages and self-employment income increased to $137,700 for 2020. The social security tax […]
2020 TAX INFLATION ADJUSTMENTS
The Internal Revenue Service released its inflation adjustments for the tax year 2020. Approximately 60 provisions have been adjusted for inflation, including marginal tax rates. Some of the key elements have been summarized below. See IRS Revenue Procedure 2019-44, https://www.irs.gov/pub/irs-drop/rp-19-44.pdf , for additional details regarding these annual adjustments. Marginal Tax Rates The amounts in each […]
DOES YOUR 401(K) PLAN NEED AN AUDIT?
The answer to this question depends on whether your 401(k) plan is considered to be a “large plan” (with 100 or more participants as of the beginning of the plan year) or a “small plan” (with fewer than 100 participants at the beginning of the plan year). The Employee Retirement Income Security Act of 1974 […]
