There are two deposit schedules (monthly or semiweekly) for determining when you deposit Social Security and Medicare taxes and withheld Federal income tax. These schedules tell you when a deposit is due after a tax liability arises (for example, when you have a payday). Before the beginning of each calendar year, you must determine which of the two deposit schedules you must use.
Receiving tax-free fringe benefits means that employees do not have to pay income tax on what they receive. However, it does not mean that employers are off the hook for payroll taxes.
Five Indiana Counties Increase Their Tax Rates, Virginia Revises Withholding Tables, California Increases Minimum Wage, Student Loan Relief Is Extended and Tax-Advantaged Repayment Support.
Aatrix continues to add partners with the announcement of an agreement with Computer Helper Publishing to integrate Aatrix’s Federal and State Payroll Reports™ and Payments into their Church Windows Payroll solution.
Make sure that you are up-to-date on payroll tax changes that have recently gone into effect. Arkansas updated its withholding method as of October 1st, Utah reduces the threshold for nonresident withholding, Pennsylvania amended wages related to tipped employees and overtime, Michigan delays minimum wage and paid sick leave change until February 2023 and the IRS increases interest rates for third quarter of 2022.