 |
Payroll Newspaymaster-pro.com |
As of Jan 5, 2009 , the following states all have updated tax tables.
California,Colorado,Connecticut,District of Columbia,Kentucky,Maine,Michigan,Minnesota,Missouri,New Mexico,North Dakota,Ohio,Oklahoma,Rhode Island,Vermont.
Note: OH and MO were NOT included in the 2009 tax table update due to late releases and must be downloaded separately. If you do payroll in these two states be sure to apply the state specific patch soon to ensure proper withholding.
Obama’s paycheck bonus
You might not get a raise next year. But if the economic stimulus ideas being floated are any indication, you might get more money on payday anyway.
NEW YORK (CNNMoney.com) — For many cash-strapped workers, Barack Obama’s plan to stimulate the economy could mean more take-home money in their paychecks.
While details remain unclear, the president-elect’s recovery proposal is likely to include a tax cut to boost spending. Exactly how much of a break that could mean for workers depends on how the tax cut is structured.
But the proposal most likely to get money into the hands of the greatest number of taxpayers quickly is some form of Obama’s proposed Make Work Pay Credit.
The credit would essentially work as a payroll tax credit equal to $500 a year for individuals and $1,000 for couples. And the money could be delivered fairly quickly simply by having employers reduce the tax withholding in a person’s paycheck.
The IRS has released Publication 15 (Circular E) Employer’s Tax Guide for 2009.
http://www.irs.gov/pub/irs-pdf/p15.pdf
Seven states announcing minimum wage increases for Jan. 1, 2009.
Arizona will increase from $6.90 to $7.25 per hour.
Colorado will increase from $7.02 to $7.28 per hour.
Missouri will increase to $7.05 per hour. Tipped employees will increase to $3.525 per hour.
Ohio will increase to $7.30 and $3.65 for tipped employees.
Oregon will increase from $7.95 to $8.40 per hour
Vermont will increase from $7.68 to $8.06 per hour. Tipped employees will increase from $3.72 to $3.91 per hour.
Washington will increase from $8.07 per hour to $8.55 per hour.
(Washington, DC) - The District of Columbia income tax withholding tables and formulas have been changed to reflect the increases in the personal exemption and standard deduction. Employers must make use of the new tables and formulas for wages paid on or after January 1, 2009.
Changes in Exemption and Standard Deduction Amounts
For 2009, the District of Columbia personal exemption and standard deduction have been changed as follows:
Personal exemption and standard deduction amounts are now indexed for inflation. Employers should expect that these amounts will change annually.
For additional information or to obtain a printed version of the tables, call the Office of Tax and Revenue’s Customer Service Center at (202) 727-4TAX (4829).
In anticipation of the 2009 tax tables being released, we have updated the corresponding help file to help you with this procedure. You can access this by going to the Help/Web Based Manual and navigating to the Utilities/Apply SQL Patches topic or visit the direct link to
http://paymaster-pro.com/htmlhelp/topics/ApplySQLPatches.html
All customers who have a current support contract are entitled to receive the End of Year update and the 2009 tax tables. Please contact support before printing your 2008 W2s and before running your first 2009 payroll. Besides the 2008 W2 module, the EOY of update is a rollup of all the fixes, optimizations, and new reports created over the year. Please call the office to be sure your support contract is up to date and receive instructions on how to download and install the 2008 update.
Since each day states are releasing modifications to the tax code for 2009, the tax table update is not included in the EOY update. It will be released separately and will be available the week of Dec 22,2008 .
For instructions on how to install the tax table update see the latest Blue Pages or call support.
As of Dec 10,2008 this is what is included in the 2009 tax table update.
DO NOT APPLY THIS PATCH UNTIL YOU ARE READY TO RUN YOUR FIRST 2009 PAYROLL.
Updates Federal, EIC, OASDI Max.
State Withholding Tables Updated (CA,CO,ME,MI,MN,ND,NM,OH,OK,OR,VT)
SUTA Wage Bases Updated. (ID,IL,IA,MN,MO,MT,ND,NV,NJ,NM,OK,SD,WA,WI,WY)
As disposable incomes shrink and savings plummet, residents across the region say there are still some luxuries they won’t let go of, no matter how bad it gets. They might be clipping coupons, joining warehouse clubs and carpooling, but they’re still willing to spend their hard-earned cash on one non-negotiable something — be it gourmet hot chocolate, cigars, pricey bottled water or a ski trip out West — that soothes the spirit. In about 75 interviews, residents said the prospect of money spent on friends, family or for a small boost to their well-being is worth it.
Subject: Discontinuance of repairs on “End of life” products
Due to the lack of availability on repair parts, effective immediately NO RMA’s will be issued on the following products. This includes blown security
TA520LB
TA520MB
All TA530 Models
All TA620 Version 5 Models
Social Security Critical Links
Update Your Payroll Records - Ask employees to verify their name and SSN before you close out your books and prepare Forms W-2. If a name has changed, continue to use the old name and tell the employee to contact Social Security to obtain an updated card. Using a new name before the employee updates Social Security’s records may prevent the posting of earnings. Change your payroll records only when the employee obtains an updated Social Security card with the new name.
Avoid These Common Errors - Incorrect name or SSN; misspelled names; using nicknames or shortened names, using titles before or after the name; and name changes not reported to Social Security.
Verify Names/SSNs with Social Security - Use Social Security’s free Internet service to match employees’ names and SSNs with Social Security’s records at the time of hire or before you prepare and submit Forms W-2. Use PayMaster’s built in SSNVS file creator and check new hires periodically.
Use the Correct Name Format
Enter the name on Form W-2 as shown on the employee’s Social Security card. Compound names no longer require a hyphen. Connect parts of a compound name with either a hyphen or a blank space. Do not join them into a single word. If an employee has a compound name, include all of the parts in the appropriate name field. For example, the name John R Smith-Jones: Enter Smith Jones in the last name field.
It’s especially important to know the exact last name. If an employee provides a name with apparent compound or multiple last names, carefully question them to determine which name is the beginning of the surname and which (if any) is the middle name.
Use the Correct SSN
Enter the SSN shown on the employee’s Social Security card. No SSN can begin with an 8 or a 9. The SSN cannot be all 1s or all 3s and cannot be in the sequential order of 123-45-6789. If you hire someone who does not have a Social Security card, you can use the free Social Security Number Verification Service (SSNVS) which allows you to quickly verify whether a person’s name and SSN matches Social Security’s records, or you can ask him/her to obtain.