Tax Resolution Attorney Gwin, PLLC

What is the Difference Between Payroll Taxes and Employment Taxes?

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Difference Between Payroll Taxes and Employment Taxes Employment tax refers to several taxes related to employees, including income tax. Payroll taxes refer to, generally speaking, Social Security and Medicare taxes.

Understanding taxes when a family member signs the paycheck

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Understanding taxes when a family member signs the paycheck | Internal Revenue Service Tax Tip 2022-151, October 3, 2022 — Many people work for a family member, whether it’s a child helping out at their parent’s shop or spouses running a business together.

How to Become Financially Independent

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Understand Wealth, and Become Financially Independent. Some insights can help you achieve financial independence, such as understanding what wealth is, identifying your goals, and potentially investing.

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

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What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS | Internal Revenue Service Tax Tip 2022-109, July 19, 2022 — When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or mor...