$ 30,305.00 0.96%
$ 2,062.48 1.98%
$ 53.13 1.60%
$ 0.087300 0.54%
$ 8.30 3.04%
$ 1.48 4.97%
$ 0.000182 4.76%

BitWage to supports tax processing on crypto payroll service

bitwisage crypto tax payments in usa

Bitwage is a service that allows firms and businesses to reimburse their employees through various cryptocurrencies. Now expanding the service the company has entered a partnership with Texas-based payroll and Human Relations Company, Simply Efficient HR. This way the service may be extended to many more companies.

Moreover, this collaboration will allow clients to pay their taxes through Ether and Bitcoin. Previously the service was restricted to the companies that did the tax deductions by themselves before the payment was made. In an official statement, the company’s CEO stated that due to W2 employees the company would have to find a way to pay taxes for the transactions done.

Even so, the service allows businesses to pay employees with crypto and also changes the tariff amount to dollars so that it can be paid to the government in fiat currency. Moreover, employees can select whether to receive a salary in crypto or fiat and in what percentage.

The service currently has less than 20 employees. However, the user base is around 20,000 and is predicted to go up. There are more than 40 current client organizations half of which are stated to be blockchain-based businesses while the rest utilize the service to deal with cross border payment.

One of the clients stated that Bitwage helps in the transition from traditional to crypto markets. He then added that the process was very easy all the company needs to do is send Bitcoin to a certain address, and the employee receives a check with all taxes withheld.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Crypto exchanges are relisting LUNA after the crash
Michael Saylor says market crash will benefit Bitcoin
Shiba Inu price analysis: SHIB shows bullish potential at $0.00001196
Bitcoin price analysis: BTC rejects upside at $30,000, another drop overnight?

Follow Us

Industry News

Balenciaga U.S. stores to accept BTC and ETH starting June 2022
BTC Pizza Day is celebrated amid crypto crash
CV VC launches Africa-focused blockchain fund
SWIFT announces plans to test CBDCs interoperability
Terra admits to facing technical issues in resuming LUNA and UST transfer