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
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
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
As we once again approach election time, we wanted to remind everyone of what you (as an employer) can and can't do as it relates to time off for voting. Each state varies in the time off permitted for voting, be sure to check your local state laws. In Wisconsin, employees are entitled to be absent from work while the polls are open for a period not to exceed 3 hours. Employees must notify the employer prior to election day and employers do have the ability to designate the time of day for the absence. Details can be found HERE.