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The President’s 2011 Budget proposes to restructure the Federal wage reporting process by reverting to quarterly wage reporting. Currently, wages are reported to the Federal Government once a year. Increasing the timeliness of wage reporting would enhance tax administration, improve program integrity for a range of programs, and facilitate implementation of automatic workplace pensions. The [...]
http://www.irs.gov/businesses/small/article/0,,id=220746,00.html
QR8: How does application of the payroll tax exemption to wages paid to restaurant employees affect the 45B credit?
A-QR8: Certain food and beverage establishments can claim a credit under section 45B of the Internal Revenue Code for social security and Medicare taxes paid or incurred by the employer on certain employee tips, [...]
Medicare Tax Computation on High Wage Earners
The new legislation includes a provision that, effective for tax years beginning after 2012, increases the Medicare tax rate by 0.9% for taxpayers receiving wages with respect to employment in excess of $200,000 ($250,000 for married couples filing jointly, and $125,000 for married couples filing separately). The tax is [...]
http://www.irs.gov/newsroom/article/0,,id=221036,00.html
New Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit, is now posted on IRS.gov, along with answers to frequently-asked questions about the payroll tax exemption and the related new hire retention credit. The new law requires that employers get a statement from each eligible new hire, certifying [...]
The IRS is issuing guidance as quickly possible on the many reporting issues created by the HIRE Act.
A final version of Form 941 for 2Q should be released by the IRS next week April 6th.
A new form W-11 will be released as well. This ‘Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit’ will [...]
Due to the available OASDI credit the HIRE act created, there will be multiple revisions to the 941 form this year. The credit is not available to take in the 1Q so the 1Q 941 is the same as the 2009 form except for the year. 2Q will have a new form that will have [...]
Payroll Tax Incentives in New Jobs Bill
Quick overview of two key tax changes affecting businesses in the recently enacted Hiring Incentives to Restore Employment (HIRE) Act.
To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector employer that hires a worker who had been unemployed for at least [...]
As of Dec 10 2009, the year end update for Paymaster is available for download from our website.
http://computeraid-llc.com/win/ Download 2009_EOYUPDATE.exe and follow the instructions.
Due to a significant change in the federal tax tables this update is INCOMPATIBLE with last years tables. Please apply the 2010-TaxTableUpdate.sql patch after applying this update.
Of course if you need assistance [...]
http://paymaster-pro.com/pdfs/2009/BPDEC2009.pdf
Auto-update info and EOY tax changes.
The Social Security Administration (SSA) announced that the 2010 social security wage base will be $106,800, unchanged from 2009. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore all covered wages are still subject to the 1.45% tax.
Also…
The AccuWage 2009 software is [...]