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Money Matters With Matt

Understanding your W2 forms

March 12, 2018

Decoding Your W2 Forms with a Payroll Expert | Part 1: Boxes 1 through 9

Personal taxes are intimidating. The rules are unnecessarily complex, difficult to understand, and many of them will change before you file your next round of taxes in 2019.  However, one document that has stayed fairly consistent, and will most likely continue to do so, is form W2. This form is required by your employers to […]

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Understanding your W2 forms

January 8, 2018

Hiring an independent contractor: what forms do I need?

In my last blog post, I wrote about the important first step of determining a worker’s status. Once you’ve hired an independent contractor, there are some important considerations to ensure your payroll processes are up-to-date. Here are some important independent contractor forms that businesses should have on file:  Form W-9 Form W-9, the Request for Taxpayer […]

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Understanding your W2 forms

December 19, 2017

Finish Your Payroll on a High Note

No matter if you reflect on 2017 with fondness or are happy to have the past 12 months in your rearview, it’s safe to say that finishing the year on a high note is a shared goal amongst teams. From a payroll perspective, a big step in the annual wrap-up process is to make sure […]

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Understanding your W2 forms

November 20, 2017

LLC, C Corp or S Corp? How to Decide the Best Business Structure for You

There are so many exciting things that come with starting a business. While it can seem overwhelming at first, there’s a lot of joy to be had in bringing your hard work to life. As I wrote about previously, one of the first steps in getting a business off of the ground is to obtain an […]

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September 7, 2017

Alleviating Year End Payroll Stress with the Special Accounting Rule

Use the Special Accounting Rule to relieve future Year End Stress As we find ourselves rounding the curve into the latter half of 2017, it’s the ideal time to start forecasting for the many to-dos that come with the quickly approaching year’s end. While the final calendar months are laden with fun, it also comes […]

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May 11, 2017

How are Payroll Taxes Calculated? – State Income Taxes

Previously, we reviewed how federal income taxes were calculated. State income taxes, with a few exceptions, are calculated very similarly to federal income taxes. But there are some states that have no state income tax at all. Which States Don’t Have State Income Tax? There are nine states where you will not see state income […]

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April 20, 2017

How are Payroll Taxes Calculated? – Social Security and Medicare

In my previous blogs, we discussed how to calculate federal income tax. Some other big amounts that come out of our paychecks are for Social Security and Medicare taxes. How are Social Security taxes calculated in payroll? What wages are taxed for Social Security and Medicare? Social Security and Medicare taxes go hand in hand. […]

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March 28, 2017

How are Payroll Taxes Calculated? – Federal Income Tax Withholding

In my previous blog we looked at the best methods for determining our federal income taxable wages. Now that we know our taxable wages, we’re ready to calculate the federal income tax withholding. Federal Income Tax Withholding is an Estimate The first thing to remember is that federal income tax withholding is an estimate. Its […]

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Understanding your W2 forms

March 20, 2017

How are Payroll Taxes Calculated? – Federal Income Taxable Wages

Mark Twain once asked, “What is the difference between a taxidermist and a tax collector?”  His answer, “The taxidermist only takes your skin.” Sometimes, it can feel like we’re slowly being skinned as we see our precious earnings taken away in payroll taxes. How do we know that the amount taken for federal withholding is […]

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February 8, 2017

W-2 Email Scam Continues to Affect Businesses

Businesses’ HR and payroll departments are the targets of a W-2 email scam, according to the Internal Revenue Service (IRS).    The IRS reissued a warning about a W-2 email scam that is targeting payroll and human resources (HR) departments. It’s critical that payroll and HR officials double-check all unusual and executive-level requests for lists […]

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January 19, 2017

New Worker: Employee or Independent Contractor?

As businesses grow, staffing needs increase. Should an organization hire an employee or independent contractor? To answer this question on small business compliance, we’ve created a three-part blog series on classifying employees. First, we’ll look at how to apply the common law test to avoid negative tax consequences.   There are important distinctions between an […]

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January 5, 2017

Your W-2 – An Accurate Reflection of You?

While it may be tradition to toast the year goodbye with an eggnog, may I suggest another year-end tradition that can make your new year more efficient and stress free? As we say goodbye to 2016, it’s a great idea to review your personal payroll information, which is used to generate form W-2. Form W-2 […]

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