Payroll taxes are an essential but often misunderstood aspect of payroll. Whether you're an employee or an employer, understanding payroll taxes is crucial for managing your finances and staying compliant with tax regulations. In this article, we will break down the...
taxes
Required Minimum Distributions
Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changed the age RMDs must begin to age 73 for taxpayers that are born after 1950. Roth...
Payroll Tax Rates and Contribution Limits for 2024
Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees,...