Below are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. Self-employed people must pay 12.4% on the first […]
How To Retain Employees in a Tough Market
Imagine you’re a home care manager trying to replace a nurse’s aide. But the resumes aren’t coming in like they usually do. You can’t figure out why until an applicant points out that you’re offering the same hourly wage as McDonald’s and asks what you have that McDonald’s doesn’t. Lockdown-era furloughs forced huge numbers of […]
What Can a Payroll Service Do for You?
Even if your business has only a few employees, you may be considering outsourcing your payroll processing to a specialist. What can a payroll processing service like Payroll VI by Account Ability do for you? It can help keep you compliant. You may have employees in more than one state and need to comply with […]
US DOL Issues Final Regulations on Tip Sharing
On Sept. 24, 2021, the U.S. Department of Labor issued final regulations on tip sharing and employer penalties. The regulations became effective on Nov. 23, 2021. Under the Fair Labor Standards Act, employers with tipped workers can take a “tip credit,” which allows them to pay tipped workers less than the federal minimum wage if […]
IRS Announces Annual Inflation Adjustments
With the end of the year in sight, the IRS has announced inflation adjustments taking effect in the new year. This does not directly affect the taxes you’ll be filing by April 15, 2022. Rather, these adjustments generally apply to tax returns you will be filing in 2023. Although that seems far away, it pays […]