W2 vs. 1099: Unpacking the Important Key Differences

W2 vs. 1099

In today’s working world, it’s vital to grasp the distinctions between “W2 vs. 1099,” whether you’re an employee or an employer. This article will clarify the main differences and offer insights to help you make informed choices for your business. W2 Employee: The Conventional Path Definition: A W2 employee is a vital part of a company’s…

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Employee Retention Credit terminated early by the Infrastructure Investment and Jobs Act

Employee Retention Credit

Article Highlights: Infrastructure Investment and Jobs Act (IIJA) Signed into Law  Employee Retention Credit Terminated Early  Problem for Some Employers  No Relief Included for Employers Already Claiming the Credit in the 4th Quarter  Recovery Startup Businesses Still Qualify President Biden signed the Infrastructure Investment and Jobs Act (IIJA) on November 15, 2021. One of the…

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PPP loan forgiveness

Article Highlights: Paycheck Protection Program (PPP) Loan Terms  Loan Amount  PPP Loan Forgiveness  Reduction in Pay  Decrease in Employees  Qualified Expenses Limitation  Documenting Forgiveness Now that you have gotten a Paycheck Protection Program loan (PPP), it is time to start planning how to spend the loan proceeds so some portion of the loan will be forgiven.…

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Distinguishing Between Independent Contractors or Employees – Don’t Let Mislabeling Cost You!

Independent contractor or employee?

Employers have several tax obligations related to their employees. The government expects employers to withhold income taxes and social security and Medicare taxes from their employees’ pay in addition to paying unemployment tax on their wages. On the other hand, employers have no tax obligations on payments they make to independent contractors. Whether or not…

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