The 2025 MI withholding rate is 4.25% and the personal exemption is $5,800. The Michigan Department of Treasury has published the revised income tax withholding tables effective for the year 2025 with the following payroll periods: weekly, or 52 pay periods; biweekly, or 26 pay periods; semi-monthly, or 24 pay periods; and monthly, or 12 … Read more
Colorado standard income tax rate to remain at 4.40% until October 2025. The Colorado Department of Revenue reminds employers and tax professionals that any possible temporary rate reductions under “Colo. Rev. Stat. § 39-22-627” for the 2025 income tax year cannot be determined until October 1, 2025. Therefore, wage withholding will continue at the standard … Read more
2024 Forms 1099-NEC are due to contractors and the IRS by Jan. 31, 2025. If you paid an independent contractor $600 or more, report this amount in Box 1 of Form 1099-NEC. If you withheld any backup withholding, enter this amount in Box 4 of the form. Remember to file Form 945 with the IRS … Read more
Many of our 1099 software users send 1099 forms to recipients electronically via email for example. Below is a sample consent form for recipients to receive their 1099 forms electronically instead of on paper. DISCLAIMER: This website is not a legal advisor. The following consent form is provided as a sample for informational purposes only … Read more
FUTA credit reductions occur when states have outstanding loans from the Federal Unemployment Trust Fund that they fail to repay within a specified timeframe. For 2024, both California and New York are confirmed as FUTA credit reduction states, facing a reduction of 0.9% due to their continued outstanding loans. Employers in California and New York … Read more