This document outlines eight important things for doctors to know about payroll taxes. It discusses: 1) calculating net pay, 2) voluntary deductions, 3) statutory tax deductions, 4) payroll tax responsibilities for doctors, 5) the employer portion of payroll taxes, 6) FICA taxes, 7) reporting payroll taxes, and 8) the importance of timely filing. Doctors must properly withhold taxes, pay the employer portion, and accurately report payroll information. Mistakes can lead to penalties, so using a payroll professional is recommended.
Health Reform Bulletin 141 | 2018 Forms and Instructions for 1094/1095 Series...CBIZ, Inc.
• 2018 Forms and Instructions for 1094/1095 Series ACA Reporting Forms
o Health Insurance Coverage Reporting by Insurers and Sponsors of Self-funded Plans (IRC Section 6055)
Instructions for 2018 Forms 1094-B and 1095-B
Form 1094-B, Transmittal of Health Coverage Information Returns
Form 1095-B, Health Coverage
o Employer Health Insurance Reporting Requirement (IRC Section 6056)
Instructions for 2018 Forms 1094-C and 1095-C
Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage
• Adjusted Patient Centered Outcome Research (PCORI) fee
SterlingRisk - Tackling ACA Reporting Feb 2014ntoscano50
February 11, 2015
SterlingRisk and Proskauer Present: ACA Reporting Requirements (Code Sections 6055/6056)
Hosted by SterlingRisk and Presented by Stacy Barrow, Esq. from Proskauer
Stacy Barrow, Esq. from Proskauer reviewed the complex reporting requirements on employers that will be used to determine whether the employer is liable for an employer shared responsibility payment and the required reporting forms. This webinar was geared towards employers with 50 or more full-time equivalent employees or those with self-insured group health plans. The ACA imposes complex reporting requirements on employers that will be used to determine whether the employer is liable for an employer shared responsibility payment (a penalty for failure to offer qualifying coverage to full-time employees).
Five Tax Tips on Making Estimated Tax PaymentsAlexaGabriel1
Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Log on http://www.etservicesva.com/
Given the ongoing debate about the future of the Affordable Care Act (ACA), many employers are asking themselves, “Is the ACA going away?”… “Is 2017 reporting required?” … “Will the IRS take action if I don’t file?”
Employers who are focused only on the messages coming from Congress and the White House may expect minimal enforcement of the ACA’s employer reporting mandate (which requires covered employers to supply ACA forms to all employees for tax-filing purposes). Meanwhile, over the past few weeks, the IRS has issued statements and taken actions that paint a different picture and provide a clear roadmap for what employers need to do.
With April 15 right around the corner, the IRS wants to make sure you get the help you need at tax time. Make things easier by not waiting until the last minute. Here are the top tax time tips:
Health Reform Bulletin 141 | 2018 Forms and Instructions for 1094/1095 Series...CBIZ, Inc.
• 2018 Forms and Instructions for 1094/1095 Series ACA Reporting Forms
o Health Insurance Coverage Reporting by Insurers and Sponsors of Self-funded Plans (IRC Section 6055)
Instructions for 2018 Forms 1094-B and 1095-B
Form 1094-B, Transmittal of Health Coverage Information Returns
Form 1095-B, Health Coverage
o Employer Health Insurance Reporting Requirement (IRC Section 6056)
Instructions for 2018 Forms 1094-C and 1095-C
Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage
• Adjusted Patient Centered Outcome Research (PCORI) fee
SterlingRisk - Tackling ACA Reporting Feb 2014ntoscano50
February 11, 2015
SterlingRisk and Proskauer Present: ACA Reporting Requirements (Code Sections 6055/6056)
Hosted by SterlingRisk and Presented by Stacy Barrow, Esq. from Proskauer
Stacy Barrow, Esq. from Proskauer reviewed the complex reporting requirements on employers that will be used to determine whether the employer is liable for an employer shared responsibility payment and the required reporting forms. This webinar was geared towards employers with 50 or more full-time equivalent employees or those with self-insured group health plans. The ACA imposes complex reporting requirements on employers that will be used to determine whether the employer is liable for an employer shared responsibility payment (a penalty for failure to offer qualifying coverage to full-time employees).
Five Tax Tips on Making Estimated Tax PaymentsAlexaGabriel1
Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Log on http://www.etservicesva.com/
Given the ongoing debate about the future of the Affordable Care Act (ACA), many employers are asking themselves, “Is the ACA going away?”… “Is 2017 reporting required?” … “Will the IRS take action if I don’t file?”
Employers who are focused only on the messages coming from Congress and the White House may expect minimal enforcement of the ACA’s employer reporting mandate (which requires covered employers to supply ACA forms to all employees for tax-filing purposes). Meanwhile, over the past few weeks, the IRS has issued statements and taken actions that paint a different picture and provide a clear roadmap for what employers need to do.
With April 15 right around the corner, the IRS wants to make sure you get the help you need at tax time. Make things easier by not waiting until the last minute. Here are the top tax time tips:
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Payroll tax rates, filing deadlines and responsibilities in 2019Merchant Advisors
Here is a detailed guide on the payroll taxes withholding, rates, reporting and responsibilities for employers and employees for 2019. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/payroll-taxes/
Step by step guide for each business report you'll need to make after incorporating in Singapore. AGMs, post-registration report, forms and tax returns.
Form 1095-B For Organizations Employing Less Than 50 EmployeesCBIZ, Inc.
Form 1095-B provides information regarding any coverage you may have been enrolled in during the 2015 calendar year with a given insurance carrier. It will also list your spouse and/or any dependents who may have been enrolled in that same health plan. You can use the information on this form as proof of coverage for yourself and your enrolled family members. This information is proof to the IRS that you do not owe a penalty tax due to being uninsured.
Payroll Software comes with features such as attendance management, leave management, arrears calculation, TDS, PF, ESIC calculation, salary calculation etc.
Affordable Care Act: Overview of New Requirements for 2015Sikich LLP
2015 is the first year employers can be fined for not complying with the reporting requirements set out by the Affordable Care Act (Obamacare). Get an overview of these new requirements in this eBook
We acquire many of our customers through referrals from
satisfied clients. Beyond the benefit of being able to expand
our business, there are other reasons why we appreciate referrals.
When a client thinks enough of us to recommend
our services to a family member, friend, or co-worker, we
attain a higher quality clientele than those we acquire from
more random marketing efforts.
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Payroll tax rates, filing deadlines and responsibilities in 2019Merchant Advisors
Here is a detailed guide on the payroll taxes withholding, rates, reporting and responsibilities for employers and employees for 2019. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/payroll-taxes/
Step by step guide for each business report you'll need to make after incorporating in Singapore. AGMs, post-registration report, forms and tax returns.
Form 1095-B For Organizations Employing Less Than 50 EmployeesCBIZ, Inc.
Form 1095-B provides information regarding any coverage you may have been enrolled in during the 2015 calendar year with a given insurance carrier. It will also list your spouse and/or any dependents who may have been enrolled in that same health plan. You can use the information on this form as proof of coverage for yourself and your enrolled family members. This information is proof to the IRS that you do not owe a penalty tax due to being uninsured.
Payroll Software comes with features such as attendance management, leave management, arrears calculation, TDS, PF, ESIC calculation, salary calculation etc.
Affordable Care Act: Overview of New Requirements for 2015Sikich LLP
2015 is the first year employers can be fined for not complying with the reporting requirements set out by the Affordable Care Act (Obamacare). Get an overview of these new requirements in this eBook
We acquire many of our customers through referrals from
satisfied clients. Beyond the benefit of being able to expand
our business, there are other reasons why we appreciate referrals.
When a client thinks enough of us to recommend
our services to a family member, friend, or co-worker, we
attain a higher quality clientele than those we acquire from
more random marketing efforts.
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
The process of calculating, managing, recording, and analyzing employee’s compensation is called payroll accounting. All the employees of an organization receive their payments through the payroll department. It is the responsibility of payroll accountants to make sure records are filed correctly, so that the employees can receive proper earnings for the work completed and that financial operations are being carried out fluently.
If you are a business owner, HR manager, or payroll administrator in India, understanding payroll processing is essential for your business’s smooth operation. From calculating employee salaries to managing taxes and deductions, payroll processing is a critical aspect of any business.
Simplify Statutory Compliances with Greytip OnlineGreytip Software
With Greytip Online, easily add employees under PF and ESI schemes, generate various reports, calculate PT etc. For more information visit http://www.greytip.in/
PEO companies bill for their services in many different ways, which can be confusing and difficult for even the most seasoned broker to understand. The Guide to Understanding PEO Billing Reports provides a breakdown of both bundled and unbundled PEO bills, including how they’re organized and how the items on the invoices should be calculated.
In this eGuide, you will learn how to:
- Break down your clients' PEO reports effectively
- Find the “hidden fees” in bundled billing
- Save your clients by saving them money
More than any of us may be aware, payroll systems date all the way back to the 14th century. Any company necessity that has that type of tenacity won't pass away very soon. Payroll software, however, makes the procedure simpler and more effective owing to the advancement of technology.
Read more about the payroll services: https://vakilsearch.com/online-payroll-management
1. An educational module created by: AmeriPride Tax Group http://ameripridetaxgroup.com Eight Things Doctors Should Know About Payroll Taxes
2. Introduction According to the IRS, employers are required to report and remit payroll taxes for every employee. While filing payroll taxes may be a seemingly straightforward task, physicians and other small business owners should have a basic understanding of these eight principles in order to avoid costly mistakes.
3. #1 The Basic Formula for Calculating Net Pay Calculating the net pay looks like this: The employee's gross pay (pay rate times hours worked) (-) minus Voluntary deductions (-) minus Statutory tax deductions__________________________________________ (=) Equals net pay Regardless of whether payroll occurs weekly, bi-weekly, monthly, etc., the same calculation is used. The person responsible for computing payroll should check and re-check calculations to ensure that the payroll is error-free.
4. #2 Voluntary Payroll Deductions Voluntary payroll deductions deductions selected by the employee. The employee must request the deductions in writing. Voluntary deductions should be tracked carefully and applied to the proper accounts. They may be paid with pre- or after-tax dollars. This type of deduction can be used to pay for a variety of benefits, including: Retirement plan contributions (such as a 401k plan) Employee stock purchase plans (ESPP and ESOP plans) Health insurance premiums (medical, dental, and vision) Life insurance premiums Union dues Uniforms Meals Other job-related expenses
5. #3 Statutory Payroll Tax Deductions Statutory deductions are those withholdings that are required by law. Payroll taxes are statutory deductions. Doctors and other small business owners, in fact every employer, accept a fiduciary responsibility to take these withholdings from the employee’s paycheck and remit them to the proper tax agencies. Payroll tax deductions may include: Federal income tax withholding (based on withholding tables in Publication 15) Social Security tax withholding (6.2% up to the annual maximum) Medicare tax withholding (1.45%) State income tax withholding Various local tax withholdings (such as city, county, or school district taxes, state disability or unemployment insurance).
6. #4 Payroll Tax Responsibilities for Doctors In addition to collecting voluntary and statutory withholdings, employers also have the following responsibilities: Allocating and depositing the employer portion of the payroll taxes Depositing tax dollars withheld Preparing reports for state and Federal authorities Filing payroll tax returns Accounting for voluntary withholdings and ensuring that those monies are sent to the proper account Preparing annual W-2 forms
7. #5 Employer Portion of Payroll Taxes Employers pay a portion of the total payroll tax for each employee. These taxes are an additional amount paid to the government and may be used to compute the fully-burdened cost of an employee. The employer-portion of payroll taxes includes: Federal unemployment taxes (FUTA) State unemployment taxes (SUTA) Social Security taxes (6.2% up to the annual maximum) Medicare taxes (1.45% of wages)
8. #6 FICA Taxes FICA (Federal Insurance Contributions Act) is a payroll tax that is comprised of Social Security and Medicare taxes. These taxes are paid both by the employer and the employees. Combined, the FICA taxes equates to 15.3%, which includes: Social Security (Employee: 6.2%) Social Security (Employer: 6.2%) Medicare (Employee: 1.45%) Medicare (Employer: 1.45%)
9. #7 Reporting Payroll Taxes Physicians have the same responsibility as any other business owner when it comes to reporting their tax obligation in a timely manner. They must also take care to deposit payroll taxes when they are due. Reporting requirements include: Annual federal unemployment tax return (Form 940 or 940EZ) Employer's quarterly payroll tax return (Form 941) Annual Return of Withheld Federal Income Tax (Form 945) Federal tax deposits Wage and Tax Statements (Form W-2)
10. #8 Timeliness is Essential Business owners can pay federal payroll taxes by mail or online. Payments and reports should be submitted on time. The choice of a payroll accountant should be considered carefully. An annual audit of payroll documents should be completed to ensure that mistakes are caught before they become a problem. Because employers act as an intermediary in collecting and sending taxes to the government, the IRS takes payroll taxes very seriously. Payroll taxes are one of the few issues that cannot be cleared away by a bankruptcy judgment.
11. More Information Contact AmeriPride Tax Group http://AmeriPrideTaxGroup.com Email: taxhelp@ameripridetaxgroup.com Call: 855-263-7743