As of July 4, 2025, the One Big Beautiful Bill Act allows workers to deduct up to $12,500 of overtime pay ($25,000 for joint ...

Congress has delivered one of President Donald Trump’s hallmark campaign promises: a tax break for tipped workers. But the ...

The Social Security Administration circulated an imprecise email about the provisions in the new law. Here’s what it actually does.

In 2025, the 6.2% Social Security tax remains a crucial payroll deduction, funding essential retirement, survivor, and ...

New tax breaks on tip income and overtime pay will go into effect in 2025, part of the megabill that President Trump signed ...

With Social Security trust funds estimated to run out in less than a decade, some Americans wonder if Congress will step in ...

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The trust funds that the Social Security Administration relies on to pay millions of U.S. retiree benefits could be depleted ...

With a payroll deduction plan, employers withhold money from an employee's paycheck, most commonly for employee benefits and taxes. It can be voluntary or involuntary.

Set up payroll and taxes (request an employee identification number (EIN) and required state or local IDs). File federal and state payroll taxes (every quarter).

Form 941 is used to report income taxes, payroll taxes, Social Security, and Medicare taxes withheld from employee wages. Most employers who pay wages file Form 941.