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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 […]
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 […]
IRS Releases Advance Copies of 2009 Withholding Tables and EIC tables. The tables are effective for wages paid in 2009. The withholding allowance amount has increased for 2009 up to $3650. The IRS has also issued the percentage method tables for determining advance earned income credit amounts. The wage-bracket tables for withheld federal income tax […]
NEW YORK (Full article @ CNNMoney.com) — Remember all the talk during the presidential campaign about a middle-class tax cut? It could be showing up in your paycheck early next year. … “Under the Obama payroll tax credit, payroll and other accounting software would have to be recoded and implemented across many businesses,” said Zandi, […]
The IRS has announced that the standard business mileage rate for transportation expenses paid or incurred beginning January 1, 2009, will be 55 cents per mile, down from the 58.5 cents per mile rate for 2008 Source : www.irs.gov/newsroom/article/0,,id=200505,00.html. WASHINGTON — The Internal Revenue Service today issued the 2009 optional standard mileage rates used to […]
OpenCongress Summary: This bill would provide for seven more weeks of unemployment insurance benefits for those whose benefits have run out, but still have not found work. In states with an unemployment rate above six percent – like Rhode Island, Michigan and California – the bill would provide for an additional 13 weeks of extended […]
Michigan’s tax rate remains the same at 4.35% but the Personal Exemption Amount has increased to $3,600. From the michigan.gov web site. The 2009 exemption amount is $3,600 per year times the number of personal and dependency exemptions allowed under the IRC. An employee may not claim more exemptions on the MI-W4 than can be […]
The IRS Chief Council has ruled in a case involving the FICA Tip Credit involving tips undeclared in a previous tax year. From the ruling: “In a prior tax year an employee receives cash tips which constitute wages but the employee fails to report the tip amounts to his or her employer in the year […]
For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments announced today by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, […]
The State Disability Insurance (SDI) withholding rate for 2009 is 1.1 percent up from 0.8 percent. The taxable wage limit is $90,669 for each employee per calendar year. The maximum to withhold for each employee is $997.36. From CA EDD web site