How Payroll Tax Works and What You Need to Know

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Stuart and Mena break down payroll tax, a significant revenue source for state governments, explaining how it’s calculated and why it’s often a point of concern for growing businesses. They review current payroll tax thresholds and rates across states, detailing what counts toward the threshold, from salaries and bonuses to fringe benefits and termination payments. Importantly, they address exemptions, such as those for apprentices and not-for-profits, and discuss the rules for grouping related entities. With insights on planning, like structuring business ownership and timing payments, Stuart and Mena provide listeners with actionable steps to manage payroll tax obligations effectively. This episode offers a clear guide for business owners close to threshold limits, helping them navigate payroll tax to avoid unnecessary costs.

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.