Employees who have provided a Form W-4, Employee’s Withholding Allowance Certificate claiming exemption from federal income tax withholding must file a new 2009 Form W-4 by February 16, 2009 in order to continue their exemption from federal income tax withholding....
The Internal Revenue Service has released an updated version of Publication 1494, Tables for Figuring Amount Exempt from Levy on Wages, Salary, and Other Income (Forms 668-W(C), 668-W(c)(DO) and 668-W(ICS)). The table is used to calculate the amount of wages and other...
The Internal Revenue Service recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits. Publication 15-B provides an overview of fringe benefits as well as sections on fringe benefit exclusion rules and fringe benefit valuation...
According to a recent article in the Wall Street Journal, celebrity chef Wolfgang Puck would like to eliminate the minimum wage for waiters. In a story on resolutions for 2009, Puck was asked, “What problem should your industry or professional community tackle more...
The Internal Revenue Service recently released an updated version of Publication 15, (Circular E) Employer’s Tax Guide. In addition to providing information on classifying employees, determining which types of payments are considered wages for federal employment tax...
This week’s question comes from Madeleine, an executive. I’ve averaged about 30% of my pay going toward federal income tax withholding each pay period. This week I had 35% of my pay withheld from my bonus for federal income tax. Why did my federal income tax...
According to the US Department of Labor, in the week ended December 20, the advance figure for seasonally adjusted initial claims was 586,000, an increase of 30,000 from the previous week's revised figure of 556,000. The 4-week moving average was 558,000, an increase...
Employers often question whether employees who work in one year and are paid in the next year should have the wages reported in the year the work was performed or the year the wages were paid. Generally, wages are reported based on payment date. For example, if the...
This is one in a continuing series on the 2008 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than February 2, 2009. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet...
The Commonwealth of Massachusetts Department of Revenue has released a working draft of TIR 09-1, Individual Mandate Penalties for Tax Year 2009, which would provide the penalties in 2009 for adults without health insurance. Under the working draft, adults with annual...
This is one in a continuing series on the 2008 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than February 2, 2009. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet...
President-Elect Barack Obama recently nominated Rep. Hilda Solis (D-CA) to be the new Secretary of Labor. Solis, 51, has served four terms in the House of Representatives and recently won a fifth term. According to the AFL-CIO, Solis has voted right 97% of the time in...
This week’s question comes from Nicole, an office manager. Our business is formed as two entities, an S corporation and a partnership. We’re located in Massachusetts. Do I now need to withhold income tax on distributions to partners and S corporation shareholders?...
According to the US Department of Labor, in the week ended December 13, the advance figure for seasonally adjusted initial claims was 554,000, a decrease of 21,000 from the previous week’s revised figure of 575,000. The 4-week moving average was 543,750, an increase...
As the January 16, 2009 deadline for implementing the new Family and Medical Leave Act (FMLA) regulations draws closer, it becomes increasingly important to ensure that your company policies are compliant. What is the FMLA? Who does the FMLA affect at the company...
This is one in a continuing series on the 2008 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than February 2, 2009. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet...
Thursday, January 1, 2009 will be New Year’s Day, a federal holiday. The offices of Vision Payroll will close New Year’s Eve, December 31 at 2 pm and re-open Friday January 2. Most banks will also be closed in observance of the holiday. Payrolls dated January 1 will...
The US Department of Labor recently issued non-Administrator signed Opinion Letter FLSA2008-13NA. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations...
In conjunction with recent amendments to the Payday Loan Act (Code of Virginia §§6.1-444 et seq.) that take effect January 1, 2009, the Virginia State Corporation Commission has adopted conforming regulations (Case Number BFI-2008-00295) on licensed payday lenders. In...
This week’s question comes from Carl, a partner in a partnership. I am an investor in a partnership and own a 25% interest as a partner. I also work for the business that the partnership owns. Can I be paid through payroll, have tax withheld, and receive a Form W-2?...
According to the US Department of Labor, in the week ended December 6, the advance figure for seasonally adjusted initial claims was 573,000, an increase of 58,000 from the previous week's revised figure of 515,000. The 4-week moving average was 540,500, an increase...
Do you know which employers must grant leave under the federal Family and Medical Leave Act (FMLA)? Are you sure about the benefits eligible employees must receive under the FMLA? Do you even know which employees are eligible for FMLA leave? These FMLA basics and...
The US Department of Labor (DOL) recently issued non-Administrator signed Opinion Letter FLSA2008-12NA. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current...
Thursday, December 25, 2008 will be Christmas Day, a federal holiday. The offices of Vision Payroll will close Christmas Eve, December 24 at 2 pm and re-open Friday December 26. Most banks will also be closed in observance of the holiday. Payrolls dated December 25...
The US Department of Labor recently issued non-Administrator signed Opinion Letter FLSA2008-11NA. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations...
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