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.
Payroll isn’t for the faint of heart. Of those who are brave enough to tackle the intricacies of multistate taxation, FUTA credit reductions, and wage garnishment, only a select few earn the full endorsement of the American Payroll Association (APA).
Whether you pay your employees weekly, biweekly, monthly, or semimonthly, odds are your company’s scheduled payday might land on a bank holiday or weekend sooner or later. Should that happen, don’t panic—you have options. We’ll break down all the payroll holiday rules below so you can navigate holiday and weekend paydays with ease.
New York-area airport workers will soon have the highest minimum wage in the country. The increase will raise the minimum hourly rate for almost 40,000 airport workers to $19 by 2023.
Each year, Americans dutifully complete their annual tax returns to report what’s been paid to the federal government and what might still be owed. Your HR and payroll teams also have their own IRS filing obligations. Employee paychecks are subject to federal income taxes, Medicare, Social Security, and other withholdings.
While companies typically pay these federal taxes on a semiweekly or monthly basis, the IRS still needs a full account of what’s been paid. Enter the Form 941, or the Employer’s Quarterly Tax Return. If it isn’t already, a reminder to complete the four-page form should be on your HR calendar.
Score another win for the "Fight for $15" movement. Online mega-retailer Amazon delivered welcome news to employees last week, announcing that it would increase its minimum wage to $15 per hour. The change takes effect next month and applies to the company's more than 350,000 full-time, part-time, and seasonal employees. Whole Foods, the upscale grocery chain owned by Amazon, will also be subject to the change.
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Call it a case of legislative déjà vu. A potential follow-up to 2017’s historic Tax Cuts and Jobs Act (TCJA) could throw HR and payroll professionals for a loop later this year.
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.
Many HR professionals fall into HR because they care deeply about making workplaces better. Day in and day out, HR teams focus their time and energy on ways to improve the employee experience. They spend a significant amount of time training managers how to hire candidates, coach employees, and evaluate performance in a manner that removes biases in pay raises and ensures a fair experience to all employees.