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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 is the difference between a common paymaster and a pay agent?
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.
What does common paymaster mean?
The common paymaster is responsible for withholding, depositing, and paying FICA and FUTA taxes, and filing and furnishing information returns associated with wages it disburses.
How are paymasters compensated?
In return for their services the paymaster charges a small fee, which is paid directly to them out of the commission proceeds prior to disbursement.
Can a partnership be a common paymaster?
It is important to note: Concurrent employment is defined by the IRS as the contemporaneous existence of an employment relationship between an individual worker and two or more corporations. Thus, the common paymaster option is only available to corporations. Sole proprietors and partnerships are not eligible.
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As used in this paragraph, the term common paymaster means a member of a group of related corporations that disburses wages to concurrent employees on behalf of the related corporations and that is responsible for keeping payroll records for those concurrent employees.
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