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Texas Office of the Attorney General
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The Texas Office of the Attorney General is a state agency responsible for upholding the laws of Texas and providing legal representation for the state government. They work to protect the rights of Texans, enforce consumer protection laws, and ensure compliance with state regulations.
Welcome to Compliance Nightmares—a spooky season series exploring the real horrors of multi-state compliance. This Halloween, the scariest stories come straight from the mailbox.
It’s Tuesday morning. Your finance manager opens the mail and freezes.
A penalty notice for $5,000 stares back at them. No warning. No context. Just consequences of non compliance from a state where you hired a remote employee six months ago.
There are several important deadlines during tax season. There are deadlines for employers to follow regarding the preparation of necessary employee tax forms, and for employees to follow when filing their taxes. Workers cannot file their taxes properly if they don’t have the necessary forms or if certain forms aren’t filed on their behalf. If employers drop the ball with forms necessary for proper federal withholding, it creates a chain reaction.
As a taxpayer, it’s important to stay informed and up-to-date on a yearly basis. However, navigating the complexities of payroll compliance doesn’t need to be as complicated as it may seem. This is your definitive guide to understanding the FICA tax rate for 2024.
What Is FICA? The Federal Insurance Contributions Act, commonly known as FICA, is a U.S. federal payroll tax that plays a critical role in funding Social Security and Medicare programs. All employee paychecks you issue will have two key deductions: 6.2% for Social Security tax and 1.45% for Medicare tax.
Alex Kehayias |Dec 4, 2023
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