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What is a common paymaster agreement?

The common paymaster must pay concurrently employed individuals by one combined paycheck, drawn on a single bank account, or by separate paychecks, drawn by the common paymaster on the accounts of one or more employing corporations. The final component is concurrent employment which is defined in Treas.

What are the benefits of common paymaster?

The main advantage of the common paymaster setup is its ability to streamline payroll processing and reduce the administrative burden associated with managing multiple payrolls for employees who work for more than one company in the group.

What is the common paymaster in New Jersey?

Code 12:16-12.2 - Common paymaster. (a) If two or more related entities concurrently employ the same individual and compensate that individual through a common paymaster that is one of the related entities, each entity will be considered to have paid the individual the amounts that it actually dispersed.

What is the difference between a common paymaster and a common pay agent?

The Common Paymaster arrangement is particularly advantageous regarding payroll tax liability, especially for businesses with employees across multiple related companies. This system ensures that Social Security and Medicare taxes are not overpaid for these employees.

What is a paymaster agreement?

Unlike a Common Pay Agent, the use of a Common Paymaster is not purely for admin simplicity. Since a Common Paymaster is treated as a single employer, those employees are only subject to a single annual taxable wage base for FICA and FUTA tax purposes.

common paymaster agreement form

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What are two types of taxes taken out of your paycheck?

Employers generally must withhold Social Security and Medicare taxes from employees wages and pay the employer share of these taxes. Social security and Medicare taxes have different rates and only the Social Security tax has a wage base limit.

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