WASHINGTON, Aug 21 (KUNA) -- President Donald Trump on Tuesday said he was "thinking about" cutting payroll taxes
. "Payroll tax
is something we think about, and a lot of people would like to see that, and that very much affects the workers of our country," Trump told reporters at the White House.
The Trump administration has denied media reports that they are looking at a payroll tax
cut to prevent a recession, after the Dow had a one-day selloff of 800 points last week due to a warning signal in the bond markets.
For example, a taxpayer claiming the payroll tax
credit for the 2018 tax year must have had less than $5 million in gross receipts in 2018 and could not have had gross receipts in 2013 or prior.
"It is of key importance for the sustainable development of Slovak economy that the income and payroll tax
burden of the labour force in Slovakia start to decrease," said Blaacutehovaacute.
To understand the magnitude of the possible impact, a recent Fraser Institute study measured the impact of payroll tax
hikes on worker wages.
Therefore, workers ultimately pay a portion of the cost of a payroll tax
such as the EHT--a finding confirmed by empirical research.
Now, various states are considering circumventing that limit by switching from a state personal income tax to an employer-paid state payroll tax
calibrated to produce the same amount of revenue.
(TAP) -- The government decided to cancel the workers' 1% exceptional payroll tax
, according to an updated version of the draft finance law a copy of which was received by TAP.
When Portland State University proposed a local payroll tax
to finance its operations last fall, an editorial in this space panned the idea, suggesting the that university seemed to have forgotten its middle name.
For federal employment taxes, the PEO and an employer typically enter into a service agreement whereby the PEO undertakes payroll tax
obligations in the name and employer identification number (EIN) of the PEO, including obligations to pay wages; deposit taxes; report wages and taxes quarterly on Form 941, Employers Quarterly Federal Income Tax Return', provide the employee and government Forms W-2, Wage and Tax Statement, pay and deposit federal unemployment taxes (FUTA); and file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return.
Employers should revisit the potential savings from their qualified plans for both employers (through payroll tax
savings) and employees (through income and payroll tax