How do Virginia Employers determine their SUI tax rate?
The Virginia State Unemployment Insurance (SUI) tax rate varies from employer to employer. It can range from a minimum of 0.1% all the way to a maximum of 6.2%. This tax is paid for by the employer on the first $8,000 of wages per employee. Why does this tax rate range? The Virginia State Unemployment… Continue reading How do Virginia Employers determine their SUI tax rate?
What is the current payroll tax rate for employers in Richmond, VA?
Payroll compliance starts with understanding your tax obligations. Employers must accurately withhold, calculate, and submit payroll taxes on behalf of their employees while also paying certain employer-only taxes. Below, we’ll break down the payroll tax rates for 2025 and explain how each tax affects employers and employees alike. The payroll tax rate for 2025 consists… Continue reading What is the current payroll tax rate for employers in Richmond, VA?
How can small Virginia employers stay compliant under the VA Tax?
Well first, what is a withholding tax under Virginia Tax Law? The withholding tax is a state income tax. Employers must deduct it from the wages of employees and remit it to Virginia’s Department of Taxation (VDOT). The goal of this tax is to cover the employees’ personal income tax liabilities. What are the rules… Continue reading How can small Virginia employers stay compliant under the VA Tax?
How can Virginia employers stay compliant with unemployment taxes?
What are Unemployment Taxes? The Virginia Unemployment Compensation Act established Virginia’s State Unemployment Insurance (SUI). And you can think of it like insurance, we pool our resources together to protect ourselves when unemployment hits. Employers must contribute to the state unemployment fund as mandated by the Virginia Employment Commission (VEC). This tax is levied on… Continue reading How can Virginia employers stay compliant with unemployment taxes?
What is the Federal Unemployment Tax Act (FUTA)??
What is the Federal Unemployment Tax Act (FUTA)? FUTA is a federal law that requires employers to pay a payroll tax. This tax funds the federal government’s oversight and funding of unemployment insurance programs. What is Virginia’s State Unemployment Tax Act (SUTA)? This act requires employers in Virginia to pay into Virginia’s State Unemployment Insurance… Continue reading What is the Federal Unemployment Tax Act (FUTA)??
Encourage Employees to Check Their Pay Stubs for Taxes!
As an employer or HR professional, did you field a lot of questions from your employees this past tax season about their withholdings? Tax time can bring unexpected financial stress if the right amount of taxes hasn’t been taken out throughout the year. But here’s the good news: you and your employees can take proactive… Continue reading Encourage Employees to Check Their Pay Stubs for Taxes!
Demystifying the W-2: A Clear and Concise Guide for Employees
Ah, the W-2. That mysterious, seemingly hieroglyphic document that arrives each January, leaving many of us scratching our heads and muttering, “What does it all mean?” Fear not, fellow wage earners! This W-2 guide for employees is here to shed light on its secrets, transforming it from a cryptic puzzle into a straightforward summary of… Continue reading Demystifying the W-2: A Clear and Concise Guide for Employees
Employee Tax Withholding: Advice for Employers
Tax season is here, and at least one of your employees is likely asking you why their refund was so big this year, or worse… why they owe so much money. You’re not a tax professional, so if you don’t know the answer, that’s normal! However, we’re here to give you some quick advice on… Continue reading Employee Tax Withholding: Advice for Employers
What Is The Employee Retention Credit (ERC) and Its Benefits?
It’s tax filing season, and our clients are working hard to close out their 2022 filings. However, there’s a potentially huge payroll tax credit some businesses are missing – and we want to make sure that doesn’t happen to any of our clients! That tax credit is called the Employee Retention Credit (ERC). If you… Continue reading What Is The Employee Retention Credit (ERC) and Its Benefits?
How are Bonuses Taxed?
Bonuses are a popular way to increase employee loyalty and reward a year’s worth of “jobs well done”. However, as far as payroll goes, they are often misunderstood. With those holiday bonuses on the way, let’s cover one of the most common end-of-year payroll questions: how are bonuses taxed? It’s an oft-repeated question, especially at… Continue reading How are Bonuses Taxed?