After I have met the taxable wage base of $8500 for each worker, do I continue reporting each employees wages?

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After I have met the taxable wage base of $8500 for each worker, do I continue reporting each employees wages?

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Elza Hellister

Of all the complex tasks of accounting, wages are one of the most difficult areas. This is explained both by the variety of tasks and situations that arise in settlements with employees of the company, and by the complexity of legislation regulating personnel issues, labor remuneration and taxation of wages and other payments to personnel. This area is regulated by several branches of law and contains many laws and regulations that are often changed. Companies with a large number of employees can optimize accounting costs by outsourcing the most time-consuming operations, professional payroll processing service, which includes payroll processing. This service may also be necessary for companies located in regions where there is a shortage of qualified accounting staff.

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Yes. Reported quarterly wages are used to establish eligibility for unemployment insurance benefits regardless of whether taxes were actually due on those wages.

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