Updates to 2024 Federal Taxes
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Finding and hiring the right employees is one of the most critical steps in the process of creating a successful company. Very little is more important than having the right people, with the right skills, in the right jobs, and that's where much of the focus goes during the hiring process. Unfortunately, another equally important element to this process is often misunderstood or neglected. There are a few other very important steps that should happen to ensure that legal, regulatory and tax obligations are met. Here's a checklist of the things you'll need to do once the right candidate has accepted your job offer:
Finding and hiring the right employees is one of the most critical steps in the process of creating a successful company. Very little is more important than having the right people, with the right skills, in the right jobs, and that's where much of the focus goes during the hiring process. Unfortunately, another equally important element to this process is often misunderstood or neglected. There are a few other very important steps that should happen to ensure that legal, regulatory and tax obligations are met. Here's a checklist of the things you'll need to do once the right candidate has accepted your job offer:
Filing Taxes as an Employer It's a good idea to talk to your accountant or tax advisor about your new tax obligations. Typically, you'll need to report income tax withholding, social security, and Medicare taxes each quarter on the IRS Form 941. If you paid wages of $1,500 or more in any quarter or had an employee on the payroll for any 20 weeks of the year, you'll also need to file an Employer's Annual Federal Unemployment (FUTA) return. To see what applies to you, read the IRS Employer's Tax Guide (PDF).Some Additional Help As an employer, it's often difficult to figure out just what you're responsible for. Here are some good references that will help keep you compliant:
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.