We’ve all heard the old saying about death and taxes. But going further, what are the tax implications of death?
There’s no denying the emotional toll when we lose a loved one or colleague. But even in death, payroll still needs to be processed. We'll break down the common scenarios that might occur when an employee passes.
A new proposal served up by New York Governor Andrew Cuomo has restaurant owners asking for the check.
The New Jersey Division of Taxation recently signed off on a new tax rate of 10.75% on individuals with an income over $5 million. The new rate is applied to $5,000,000 in income regardless of filing status (ex: single, married, etc). The new rate is certain to generate more tax revenue for the state. It also gives New Jersey the distinction of having the third highest top-income tax rate in the United States—slightly behind Hawaii’s 11% (for income over $200,000) and California’s 13.3% (imposed on income over $1 million).
The end of the year brings company parties, holiday parties, family parties, and my personal favorite, pizza parties. For those of us in payroll, there’s also third party sick pay. Put the ugly sweater away—you won’t need it for this kind of party.
The most exciting part of the payroll industry is that it’s always changing. New tax rates, regulations, and even court rulings can affect how employees get paid. Recently, the Supreme Court decided the case of Janus v. American Federation of State, County, and Municipal Employees (AFSCME). The result of the decision is that public-sector unions can no longer mandate the collection of agency fees from non-member employees.
The field of human resources is changing. In our HR Redefined series, we give innovators a medium to share personal reflections, professional advice, and best practice guidance.
Making sense of how employees should be taxed is no small task. You might even say it takes a feat of superhuman strength.
With unemployment reaching historic lows, companies are increasingly using “sign-on” bonuses to win over prospective talent. These are typically one-time payments offered to potential hires, used to incentivize them to join your company. Most are contingent upon the new employee working for the company for a minimum amount of time, typically a year.
It might not be your HR department’s favorite time of year, but employees love Form W-2 season. Receiving the critical compliance form, which sums up individual earnings for the year, means coming one step closer to getting that lucrative tax refund. But what do you do when a former employee rings your office and asks, “Dude, where’s my W-2?”
As the old saying goes, change is hard. That’s especially true when it comes to payroll, and changing between the country’s two most popular pay types: salary and hourly. Let’s walk through the process of reclassifying your employees.
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