IR-2014-114, Dec. 10, 2014 - Content directly from the IRS website. WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent from 2014 14 cents per mile driven in service of charitable organizations The standard mileage rate for business is based on an annual study of the fi
Earlier today, the IRS released their updated pension plan limits and 401(k) contributions. The maximum employee contribution will increase from $17,500 to $18,000 for 2015 for 401(k), 403(b) and 457 plans. For the full announcement, visit the IRS website.
The Affordable Care Act For 2015: Is Your Business Ready? While it may seem hard to believe, we are all officially into the final corporate quarter of 2014. With the onset of 2015 swiftly approaching, business owners in every industry are looking ahead and preparing to make next year their best one yet. Of course, for many business owners, they are not simply carrying the burden of planning for success in the upcoming year; they are also attempting (often futilely) to carefully navigate through the pending rules and regulations of the 2015 Obamacare health care reform act. Staying Compliant With The 2015 PPACA Rules And Regulations If you're a business owner managing an organization of any s
The Federal Unemployment Tax Act (FUTA) tax rate is normally 0.6% of wages paid up to a limit of $7,000 per employee, or $42 per worker per year. FUTA tax is payable in January of the following calendar year with Internal Revenue Service (IRS) Form 940. However, due to a special "Benefit Cost Ratio" or BCR add-on tax employers in affected states and the U.S. Virgin Islands may pay an increased FUTA tax rate in January 2015. As a review of FUTA taxes, for-profit employers pay federal and state unemployment insurance tax based on taxable wages paid to employees. The FUTA tax rate is normally 6.0%, but typically includes a credit of 5.4% for payment of state unemployment taxes. This makes the
W2 Explanation: Breaking Down The 123s And ABCs Of This Important Tax Form Here at The Payroll Company, we understand that the W2 form can overwhelm employees. Every year we consult with our clients and their staff to deliver a thorough W2 explanation that streamlines the process and gives our partners the information that they need before they file their taxes. If you're already dreading your W2 processing this year, read on -- understanding some of the many 123s and ABCs of this important tax form can make the process as simple as possible for you. Our W2 Explanation Can Break Down The (Many!) Boxes On This Form: Yes, there are a lot of boxes to read through on your W2 form; at The Payro
Today, the IRS released some upcoming changes for the 2015 calendar year. The Social Security maximum taxable earnings have been increased by $1,500 to $118,500. More details on additional changes for the upcoming year can be found here.
How To Plan For Success During Your Payroll Conversion Process Are you currently considering a payroll conversion for your organization? As a leading resource for organizations of every size and scope moving to a new payroll system, The Payroll Company understands how critical a methodical, systematic transition is key to the overall success of the initiative. When getting ready for your payroll conversion, it's important to consider key factors such as: Timing of payroll conversion: When you implement your payroll conversion is crucial; as we near the end of October, now is the perfect time to consider a year-end conversion. While a year-end conversion isn't a necessity, this type of timin