Understanding the New Tax Brackets and Its Impact on Payroll
Hosts Brian Escobar and Walter William Duncan III discuss the new changes in tax brackets and their implications on payroll. They explore the topic based on an article they found on foxbusiness.com. The hosts detail the key points in the tax bracket changes, such as higher federal income tax brackets, the impact on take-home pay, inflation adjustments, and standard deduction changes. Additionally, they provide tips for payroll professionals to handle potential questions from employees and how they can stay updated about ongoing tax changes. They emphasize the importance of communication, continual education, and staying updated with federal and state laws.
00:00 Introduction and Podcast Welcome
00:30 Episode 95: Tax Brackets Discussion
02:45 Key Points on 2024 Tax Brackets
06:59 Sponsored Message: TimeTrakGO
08:13 Preparing for Employee Questions
15:15 Payroll Professionals: Understanding New Tax Brackets
18:04 Understanding Payroll Responsibilities and Liabilities
18:43 The Importance of Checking Payroll Systems
19:52 Understanding Taxable Wages and Tax Brackets
21:19 Pressure Testing Payroll Systems
22:55 Understanding Compliance with Federal and State Laws
24:35 The Importance of Continuing Education and Training in Payroll
25:13 Effective Employee Communication in Payroll
26:00 Proactive Auditing and Reporting in Payroll
28:57 The Role of Payroll in Employee Self-Service
29:41 The Future of Payroll and the Need for New Talent
33:50 The Evolving Landscape of Social Media and its Impact on Payroll
35:25 Closing Remarks and Sign Off