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The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for payroll and certain other costs. A PPP loan amount is approximately equal to 2.5 times the applicant's average monthly payroll costs.
The Federal Insurance Contributions Act ( FICA / ˈfaɪkə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
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In 2020, Gusto has built more than 50 new products in the last year directed toward helping small businesses. Releases included customizable payroll reports, a simplified Paycheck Protection Program (PPP) Loan Forgiveness tracker and a streamlined PPP application report that’s been downloaded more than 80,000 times to date. Nationwide, Gusto ...
The job cuts would mean at least 32,000 layoffs throughout the industry without federal payroll stimulus help, airlines say.
Trump said his administration will ask Congress to pass payroll tax relief and other measures as a public health and economic maelstrom drew closer.
Employers had to modify payroll systems to the new lower deduction for the FICA payroll tax. The Internal Revenue Service (IRS) allowed employers until January 31, 2011, to do so. While companies that specialize in payroll processing could adapt to the change quickly, smaller companies that do their own payrolls could take longer.
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The American Taxpayer Relief Act of 2012 (ATRA) was enacted and passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day. ATRA gave permanence to the lower rates of much of the "Bush tax cuts".
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