Audio Files: Payroll 2023 Style

PAYROLL 2023 STYLE

FROM THE MARCH 2023 ISSUE OF GROWERTALKS MAGAZINE

WRITTEN BY MARK BATTERSBY

NARRATED BY BILL CALKINS

 

EXCERPT: Payroll, typically the biggest expense of a business, has come a long way since its creation in 1913. The 16th Amendment to the Constitution gives Congress the “power to lay and collect taxes on incomes.” The Fair Labor Standards Act of 1938 established the minimum wage, overtime, recordkeeping and youth employment standards, further complicating payrolls.

 

Obviously, understanding the basic rules for withholding payroll taxes—and paying over withheld amounts—on the wages of all employees in the commercial growing or retail business is a good start. Guidance and advice from a competent, qualified advisor is virtually a necessity.