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Stimulus: How it may affect your wallet “Making Work Pay Credit: The bill provides a $400 credit per worker and a $800 credit per dual-earner couple. The full credit would be paid to people making $75,000 or less ($150,000 per dual-earner couple). For most working individuals, the credit will be paid over time at roughly […]
On Feb 16, 2009, employers are required to withhold Federal Income Tax from employee who claimed ‘Exempt’ status in 2008 but have yet to complete a new W4 for 2009. Until a new W4 is provided the employer should withhold as single filing status with zero withholding allowances. Note. You cannot claim exemption from […]
Ten Things the IRS Wants You to Know About Identity Theft 1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice. 2. If you receive […]
Recommendations for Successful Delivery of an Economic Stimulus Via Workers Paychecks PDF of APA’s Letter The American Payroll Association is recommending that to get this credit in the hands of American workers quickly and effectively, they recommend modifying the current income tax and withholding tables. The current proposal involves a refundable income tax credit equal […]
IR-2009-2, Jan. 6, 2009 WASHINGTON — The Internal Revenue Service today kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations. With many people facing additional financial difficulties, […]
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 […]
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 […]
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 […]
(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. Income Tax Withholding Tables* Changes in Exemption and Standard Deduction […]