December Blue Pages now online.
by Tedhttp://paymaster-pro.com/pdfs/2009/BPDEC2009.pdf Auto-update info and EOY tax changes.
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Social Security Wage Base Remains at $106,800 in 2010
by TedThe 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 now available to […]
Three states have new tax tables in Oct 2009
by TedFour New Patches for PayMaster Database. California, Wisconsin and Indiana locals have new tax tables that need to be applied in October. Updated SSN database also available. You can apply these patches yourself by going to Utilities/ Apply SQL Patches and select Internet /Check for SQL Patches. It should download at the minimum these four […]
Minimum wage increases in July
by TedThe federal minimum wage will be $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws. In cases where an employee is subject to both state and federal minimum wage laws, the employee is entitled to the higher minimum wage. Of course, the states do not make it easy. Only 12 […]
Oregon : No more paper W2s
by TedStarting with 2009 Forms W-2 filed in 2010, Oregon employers with 250 or more employees must electronically file Forms W-2 with the Oregon DOR. Effective with 2010 Forms W-2 filed in 2011, the threshold for employers not using a payroll service provider will decrease to 50 or more employees. Effective with 2011 Forms W-2 filed […]
Buy a New Car : Special Tax Break
by TedWASHINGTON “For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a […]
49 states report jumps in unemployment.
by TedNEW YORK (CNNMoney.com) — “The unemployment rate jumped last month in 49 states, with Michigan leading the way, the U.S. government reported on Friday. Nebraska was the only state to escape rising joblessness.” Seven states are reporting unemployment rates over 10%: Michigan (12%), South Carolina (11%), Oregon (10.8%), North Carolina (10.7%), California and Rhode Island […]
Good backup advice from the IRS
by TedIRS Tips on Preparing for a Disaster Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. Listed below are tips for […]
IRS updates Q&A on the COBRA reduction act.
by TedMore information on the COBRA reduction act can be found on the IRS web site. http://www.irs.gov/newsroom/article/0,,id=204708,00.html There are now four sections of questions covering: Administration and eligibility Form preparation Reporting and documentation Taxability and recapture Much of the material here was updated on 3/19/09. Important Highlight: FP-17 Q. Does a COBRA premium assistance credit reduce […]
AIG bonus checks may be taxed at up to 100%
by TedComplete Article. If AIG execs won’t return their $450 million in bonuses, lawmakers threatened Tuesday to pass a special new law taxing the payouts at anywhere from 60% to 100%. “To those of you getting these bonuses: be forewarned, you will not be getting to keep them.” Schumer called it “Alice in Wonderland business practices” […]