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Impact of Form W-4 on Federal Income Tax Calculations

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It has been two years since congress and the IRS have overhauled the tax code. The Tax Cut and Jobs Act (TCJA) created changes in the tax code that impacted personal income taxes and created a new Form W-4.

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What you need to know about Adjusted Gross Income (AGI)

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Everyone from individual taxpayers to small businesses has likely heard about gross income or total annual income. While it’s important and a helpful indicator of how much money you may have made, gross income is just one part of the income big picture. What is adjusted gross income?

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Your Small Business Guide To Payroll Deductions

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This guide aims to demystify the concept of payroll deductions, helping you gain insights into mandatory and voluntary deductions, as well as pre-tax and post-tax options. Payroll deductions are wages subtracted from an employee’s total paycheck by an employer, set aside for taxes, benefits, and garnishments.

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Top 5 Free Payroll Apps for Small Businesses

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With the right automated payroll software, like a free payroll app, you’ll be able to streamline your payment process , comply with taxes, and ensure your employees are paid right—and on time. Small business owners and managers must accurately calculate the amount of money for each employee at the establishment. Some good news?

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Your Complete Guide to the Employee Retention Tax Credit (2024)

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Tax credits can be confusing. But for small businesses, every dollar counts, and tax credits and other incentives are a great way to maximize your bottom line. One tax credit you should be aware of? The Employee Retention Tax Credit (ERTC). What is the Employee Retention Tax Credit (ERTC)? Here’s the gist.

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The Payroll Playbook: Which Payroll Taxes are Paid by Employers

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Turns out FICA isn’t a guy; it’s the Federal Insurance Contributions Act. And everybody who earns a paycheck, whether through wages, salary, or tips (yes, tips count too) contributes a portion of their pay to FICA to fund federal social programs. Is it a total bummer to not receive that pre-tax total? We figured as much.

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Texas Minimum Wage: What Small Businesses Need To Know

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There’s no state income tax, no mandatory workers’ comp insurance, and only state unemployment taxes to consider! Auto-convert timesheets into wages, catch errors, pay your team, and file taxes all in one place. Texas doesn’t have its distinct minimum wage; it aligns with federal standards. per hour in 2021.