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It’s important to know about upcoming changes to tax laws for businesses. Prepare your company’s budget with this cheat sheet! 2022 Tax Update Breakdown Social Security wage base First $147,00 of wages in 2022 FICA – Social Security (OASDI) 6.2%, up to the wage base FICA – Medicare 1.45% up to $200,000, then 2.35% (The […]

Along with the new year comes new minimum wages for several states on January 1, 2022, that employers should be aware of. As a reminder, when state law differs from federal law, employers must use the wage that benefits the employee the most. In this case, the state minimum wages are higher than the $7.25 […]

Tax season will be here soon! Nextep will make W-2s available online and send them directly to employee homes no later than January 31, 2021.  Here’s how you can prepare for the upcoming tax season.  Get Organized Take a look at last year’s tax return and make a note of any forms or technology you used […]

Along with the new year comes new minimum wages for several states on January 1, 2021. As a reminder, when state law differs from federal law, employers must use the one that benefits the employee the most. In this case, the state minimum wages are higher than the $7.25 federal minimum wage; therefore, the state’s […]

It’s important to know about upcoming changes to tax laws and Nextep is here to make sense of them all and help you prepare for next year’s budget. Here are the changes at a glance: Social Security wage base: First $142,800 of wages in 2021 (Was $137,700) FICA – Social Security (OASDI): 6.2%, up to […]

Please visit our COVID-19 resources page with more information for business owners and employees. Updates from the U.S. Department of Treasury and SBA. On June 10, 2020, the U.S. Department of Treasury and Small Business Administration (SBA) released additional guidance to provide clarity on the recently passed Paycheck Protection Program Flexibility Act (PPPFA). Here are […]

On June 5, 2020, the president signed H.R. 7010, the Paycheck Protection Program Flexibility Act, into law. This law clarifies terms of the PPP loan, eligibility, and loan forgiveness. Highlights include: Expanded repayment period There is now an expanded, five-year repayment period for the PPP loan for those who did not receive loan forgiveness, an […]

Please visit our COVID-19 resources page with more information for business owners and employees. Updates from the SBA and Department of Treasury   On May 22, the Small Business Administration (SBA) and Department of Treasury released two interim final rules for loan forgiveness under the Paycheck Protection Program (PPP). While they clarified parts of the loan forgiveness […]

Please visit our COVID-19 resources page with more information for business owners and employees. PPP loan forgiveness application and instructions are available On Friday, May 15th, the Treasury and Small Business Administration released an application and instructions for Paycheck Protection Program (PPP) loan forgiveness, available here. Please note that the SBA has also stated that additional […]

The Department of Labor (DOL) recently announced its final decision on the calculation of the regular rate of pay, effective on January 15, 2020. The new rule clarifies common overtime pay issues and will allow employers to offer perks and benefits to their employees more efficiently.   Previous rules about the regular rate of pay Under […]

It’s National Payroll Week — a time during which payroll professionals celebrate their work and share their paycheck-stretching knowledge. Getting paid accurately and on time is important to employees and those who depend on them. That’s why it’s important to have the knowledge to make educated decisions about your payroll withholdings and deductions and a payroll […]

Here’s what it means to your company and employees. The Tax Cuts and Jobs Act has passed Congress. Today, the president signed the bill into law.  Here are some of the key changes that may impact your company or employees. Changes that impact your company: Corporate tax breakPerhaps the biggest news is the corporate tax […]