Business Tax Talk Archives - Next Generation Payroll

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What Is The Work Opportunity Tax Credit and How Can I Claim It?

Post author:Bryon Jennings
Post published:February 15, 2022
Post category:Business Tax Talk
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The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers that hire individuals from certain “targeted groups” that have consistently faced significant barriers to employment. An employer may claim the WOTC for wages paid to these individuals during their first year of employment, as long as they are hired on or before Dec. 31, 2020, and work at least 120 hours for the employer during that first year. WOTC is calculated as: 25% of the wages paid to…

Tax-Loving Strategies for Small Business: Taxes from the Perspective of a Small Business Owner

Post author:Beatriz Reachy
Post published:August 26, 2021
Post category:Business Tax Talk Helpful Business Tips
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Tax-Loving Strategies for Small Business: Taxes from the Perspective of a Small Business Owner Taxes are an inevitable part of running a business. If you're like most small business owners, the last thing you want to do is pay more in taxes than necessary. That's why it's important to understand which tax loopholes exist and when they can be used - this will help you reduce your taxable income and save money on taxes every year! In this blog post, we'll talk…

Washington Minimum Wage Laws

Post author:Shardae Patterson
Post published:June 8, 2021
Post category:Business Law Business Tax Talk contractors and employees Helpful Business Tips Minimum Wage Laws
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Washington Minimum Wage Laws Federal minimum wage law is governed by the Fair Labor Standards Act (FLSA). The current federal minimum wage rate is $7.25 per hour for nonexempt employees. The Washington Minimum Wage Act (WMWA) complements federal law and, in some cases, prescribes more stringent or additional requirements that employers in the state must follow. Whenever state and federal laws are different, the law that is more favorable to the employee applies. The Washington State Department of Labor and Industries (L&I)…

Rhode Island Minimum Wage will Increase by 2025

Post author:Shardae Patterson
Post published:June 2, 2021
Post category:Business Law Business Tax Talk contractors and employees Helpful Business Tips Human Capital Management
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Rhode Island Minimum Wage Rate Set to Increase to $15 by 2025 Rhode Island has amended its minimum wage law to raise the state’s minimum wage rate to $15 per hour by Jan. 1, 2025. Rhode Island Minimum Wage Rate The current minimum wage rate in Rhode Island is $11.50 per hour. Under state law, employers must pay their employees a wage rate that is at least equal to the state’s minimum wage rate. The minimum wage rate in Rhode Island will…

Benefit Plans: Tax Considerations

Post author:Shardae Patterson
Post published:March 8, 2021
Post category:Business Tax Talk Helpful Business Tips Insurance for Small Business
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Employee benefit plans can be complex to administer, particularly in terms of taxation. It is important to understand the tax implications for both the employer and employee. This article will explain the general considerations related to the taxation of employee benefits. Employer Tax Implications Employers can usually deduct amounts that they spend on employee benefits as a trade or business expense when filing taxes. In order to be deductible as a trade or business expense, the expense must meet the following criteria:…

What Is The Work Opportunity Tax Credit and How Can I Claim It?

Tax-Loving Strategies for Small Business: Taxes from the Perspective of a Small Business Owner

Washington Minimum Wage Laws

Rhode Island Minimum Wage will Increase by 2025

Benefit Plans: Tax Considerations

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