Understanding Payroll Management for Insurance Businesses
Navigating the world of payroll can be tricky for any business, but insurance agencies face unique challenges. At XOA TAX, we understand these complexities and are here to help you streamline your payroll processes and ensure compliance. This post breaks down the essentials of payroll management for insurance businesses, highlighting key considerations and best practices. […]
Determining Reasonable Shareholder Salary for S Corps in 2024
Running an S corporation comes with a unique set of advantages, especially when it comes to minimizing your tax burden. One of the most critical aspects of S Corp taxation involves determining a reasonable salary for yourself as a shareholder. It’s a delicate balance – you want to keep your self-employment taxes low, but also […]
California Paid Sick Leave: What You Need to Know
As a small business owner or employee in California, staying informed about Paid Sick Leave (PSL) is crucial. At XOA TAX, we understand that navigating these regulations can be complex. This blog post breaks down the key aspects of California PSL, answering your frequently asked questions and providing clarity on this important labor law. Key […]
L-1 Visa Payroll Requirements and Considerations for 2024
Key Takeaways: While no minimum wage exists for L-1 visa holders, compensation must be reasonable and comparable to industry standards for similar roles in the same geographic area. The prevailing wage is a critical factor and can be determined through the U.S. Department of Labor or online wage surveys. Payroll must be processed through the…
Comprehensive Guide to Payroll Taxes in the U.S. (2024)
This guide provides a clear breakdown of federal and state payroll taxes, including rates, caps, and who ultimately bears the burden.
Navigating Payroll Taxes: 10 Common Mistakes to Avoid in 2024 (and Beyond!)
Running a business is no easy feat. Between managing employees, overseeing operations, and keeping customers happy, it’s easy to let things slip through the cracks. One area where you absolutely cannot afford any missteps is payroll tax. Missed deadlines, misclassified workers, and inaccurate calculations can lead to penalties, interest, and even audits that can put […]
Imputed Income: Revealing the Tax Secrets Behind Employee Perks
Imagine you’re running a business and want to offer your team some great benefits—a company car, free gym memberships, or extra health coverage. These perks can boost morale and help you attract top talent. But did you know they might also come with hidden tax obligations? Welcome to the world of imputed income. It’s a […]
Additional Medicare Tax 2024: What You Need to Know
As an employer, juggling multiple responsibilities is a daily reality. From managing your team to ensuring smooth business operations, your to-do list can seem never-ending. And amidst all this, staying on top of your tax obligations can feel like a daunting task. One such obligation that often causes confusion is the Additional Medicare Tax. But […]
Payroll Tax in California: A In-Depth Guide for Small Businesses in 2024
Navigating the world of payroll tax can feel overwhelming for small business owners in California. With a complex web of federal and state regulations, it’s easy to get lost in the details. But fear not! This comprehensive guide will equip you with the knowledge and resources you need to confidently manage your payroll tax obligations […]
The Ultimate Guide to IRS Form 944 for the 2024 Tax Year
At XOA TAX, we know that dealing with employment taxes can feel like walking a tightrope. Especially for small business owners. That’s why we’ve created this guide to IRS Form 944 for the 2024 tax year. Whether you’re an employer who needs to file or an employee just curious about how it all works, we’ll […]
