 |
Payroll Newspaymaster-pro.com |
From the IRS web site IR-2008-118, Oct. 16, 2008 – The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009. Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. In addition, section 415 requires […]
Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit increases each year with increases in the national average wage index. We call this annual limit the […]
WASHINGTON — Lobbyists for restaurants hunted votes Wednesday for the $700 billion financial industry bailout package, touting new provisions that leaders added in hopes of finally pushing the bill through Congress. Working off a color-coded spread sheet listing House members whose “no” votes sank the bill in that chamber on Monday, business groups contacted dozens […]
Of course PayMaster has been able to create the MMREF / EFW2 format for years but this is a reminder to be sure you have an account at SSA.GOV as you won’t be able to send the feds a floppy this year. Beginning Dec. 1, 2008, filers of 250 or more Forms 1042-S, 1098, 1099, […]
The Department of Labor (DOL) has recently issued an opinion letter on whether an employer’s break and meal policy was in compliance with the Fair Labor Standards Act (FLSA) [Wage & Hour Opinion Letter FLSA2008-7NA]. The company has written policies regarding break and meal periods which provide: The company offers employees a 15-minute break during […]
A nonpartisan coalition of more than 90 faith, community, labor and business organizations has launched an ambitious “$10 in 2010″ campaign to raise the federal minimum wage within two years. The Let Justice Roll Living Wage Campaign announced the crusade with support from various denominations, including American Baptist Churches USA, the Episcopal Church, Religious Action […]
With less than three months until the 2008 presidential election, both candidates have expressed their views about a possible Social Security tax increase. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers — one for Old Age, Survivors and Disability Insurance (OASDI; commonly known as the Social Security tax), […]
Current minimum wage rates for all states, the District of Columbia, and Puerto Rico. State Minimum Wage Tip Credit Actual Tip Minimum % Allowed Credit $ Cash Wage Alabama none Alaska $7.15 0% $0.00 $7.15 Arizona $6.90 $3.00 $3.90 Arkansas $6.25 $3.62 $2.63 California $8.00 0% $0.00 $8.00 Colorado $7.02 $3.02 $4.00 Connecticut $7.65 29.3% […]
National Taxpayer Advocate testimony discusses status of economic stimulus payments: The administration of the economic stimulus payment program has been marred by “glitches and frustration, but they have been minor and relatively few,” Nina Olson, the National Taxpayer Advocate, testified before a joint hearing of the oversight and Social Security panels of the House Ways […]
The IRS has issued a revenue ruling that provides nine examples on the supplemental wage withholding rules. The topics covered are as follows: (1) commissions paid at fixed intervals with no regular wages paid to the employee; (2) commissions paid at fixed intervals in addition to regular wages paid at different intervals; (3) draws paid […]