Stewart Schache’s Post

Social security contributions and income taxes are typically calculated by a payroll system but many times employers are asked questions like "why am I paying more social security than last month?" or "why is my tax zero?". In our online HR Course we will explain the mechanics of the workings so you will be in a position to answer those questions!

Social security contributions and income taxes are typically calculated by a payroll system but many times employers are asked questions like "why am I paying more social security than last month?" or "why is my tax zero?". In our online HR Course we will explain the mechanics of the workings so you will be in a position to answer those questions! #humanresources #SocialSecurity #keycurve #malta

You have hire a household helper & not sure if you would require to withhold any taxes from their wages then this post will be helpful for you. > When taxpayer employs household workers, they are responsible for paying employment taxes. This is commonly known as "nanny tax" > If Taxpayer pays household employee cash wages of $2600 or more in 2023 ( $2700 or more for 2024), employer must withhold employee's share of Social Security and Medicare taxes & remit them along with employer's matching share, for a total of 15.3%. > Taxpayer who withhold tax for a household employee must file Schedule H, Household Employment Taxes, with their form 1040. REMEMBER: Taxpayer can not claim household employee as dependent, even if the employee lives with taxpayer all year long.

Earlier this week, Rachel Reeves, the first female Chancellor delivered Labour's first Budget in 14 years. In the slides below we have outlined the main areas of this Autumn Budget that employers and HR professionals should be aware of including changes to the National Living Wage, National Insurance for employers, taxes, and carer's allowance. For more details, read our recent article ➡️ https://buff.ly/3Ys8kM9 #AutumnBudget #Employer

Did you know? 💡 Hiring your children in your business can provide tax benefits? Just make sure they do legitimate work and are paid a reasonable wage! #FamilyBusiness #TaxBenefits #SmallBizTips

A great overview of the key tax battle grounds over the next few weeks before the General Election. As mentioned all that can be certain is there are changes on the horizon for the UK Tax system. 🇬🇧 #KRWAccountants #Tax #GeneralElection

Employees, self-employed people and employers pay Social Security tax. If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half of the Social Security tax (6.2%) is withheld from your paychecks. The other half (also 6.2%) is paid by your employer, so you never actually see it. The Social Security tax wage ceiling for 2024 is $168,600 (up from $160,200 for 2023). If your wages meet or exceed that ceiling, the Social Security tax for 2024 will be $20,906 (12.4% x $168,600). Half comes out of your paychecks and your employer pays the other half. The wage ceiling is projected to go up to $174,900 in 2025 and up to $242,700 by 2033. www.albrightcpas.com #albrightandassociates #albrightcpas #cpa #socialsecurity #tax #wages #business #reno #renonv #nevada

Employees, self-employed people and employers pay Social Security tax. If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half of the Social Security tax (6.2%) is withheld from your paychecks. The other half (also 6.2%) is paid by your employer, so you never actually see it. The Social Security tax wage ceiling for 2024 is $168,600 (up from $160,200 for 2023). If your wages meet or exceed that ceiling, the Social Security tax for 2024 will be $20,906 (12.4% x $168,600). Half comes out of your paychecks and your employer pays the other half. The wage ceiling is projected to go up to $174,900 in 2025 and up to $242,700 by 2033.https://bit.ly/3KYgDci

The Labour party manifesto came out this morning, meaning we've been able to complete the first run of our 2020 Innovation election manifesto tax comparison. While our web team work out how to convert my 'short' doc (!!) into web format, here are some highlights.... 👉 NIC - Labour pledge no increases. Conservatives plan to cut further and even abolish the main rate of Class 4 NIC by 2029. The Green party will campaign for all earnings to be taxed at the main Class 1 NIC rates (removing the current reduced 2% rate for earnings above the UEL). 👉 Income Tax - Labour and Conservative pledge no increases. The Conservative party share their plans to bring HICBC onto a household basis with the withdrawal only starting when household income exceeds £160,000. The Conservative party also plan to reintroduce the age-related personal allowance. 👉 Corporation Tax. Conservatives say no increases. Labour say no increases in the 25% rate, opening the door to increases for smaller companies. The Liberal Democrates believe a minimum rate of 21% should be in use (compared to 19% currently). 👉 VAT - Conservative and Labour pledge no rate increases but Labour will remove the exemption on private school fees. 👉 CGT - Conservative say no increases, key reliefs retained and a new temporary 2 year relief for landlords selling properties to tenants. Outside of private equity (and closing the 'carried interest loophole'), Labour are silent, which says a lot. The Green party would align CGT rates with income tax. 👉 IHT - Labour will impose IHT on offshore trusts. Beyond that, the path is not clear. 👉 SDLT - Labour will increase the non-resident residential property supplement by 1%. 👉 Non-domiciled individual taxation - Labour are clear that they will abolish the current rules. The assumption is that the Conservative party would go ahead with removing the remittance basis, as they've already outlined. What does it is all mean? One way or another our tax horizon is changing, potentially within a wider regime of change across many other areas as well. Of course, the balance sheet needs to balance and how the measures tie into spending plans - and the reality thereof - is for voters to make their own minds up on. Until then, we await 3 weeks of increasing campaigning, more manifiestos and more promises. #election #no10 #accountants #tax #CPD #manifesto

Employees, self-employed people and employers pay Social Security tax. If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half of the Social Security tax (6.2%) is withheld from your paychecks. The other half (also 6.2%) is paid by your employer, so you never actually see it. The Social Security tax wage ceiling for 2024 is $168,600 (up from $160,200 for 2023). If your wages meet or exceed that ceiling, the Social Security tax for 2024 will be $20,906 (12.4% x $168,600). Half comes out of your paychecks and your employer pays the other half. The wage ceiling is projected to go up to $174,900 in 2025 and up to $242,700 by 2033. https://bit.ly/2NMIz4g