This week’s question comes from Steve, an HR director. We provide transportation benefits to our employers. In 2010, we could exclude $230 per month for most qualified transportation benefits. What is the monthly limit on the value of qualified transportation...
According to the US Department of Labor, in the week ending December 25, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 34,000 from the previous week’s revised figure of 422,000. The 4-week moving average was 414,000, a decrease...
Over the past years, numerous economic changes have reshaped the business landscape. In turn, companies must look more closely at their current talent, their needed talent, and how to motivate the right talent towards satisfying their business goals. Three Questions...
This is one in a continuing series on the 2010 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than January 31, 2011. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet...
According to the California Employment Development Department (EDD), employers in the counties of Kings, Los Angeles, Santa Barbara, Inyo, & San Diego directly affected by the winter storms may request up to a 60-day extension of time from EDD to file their State...
This is one in a continuing series on the 2010 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than January 31, 2011. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet...
According to the California Employment Development Department (EDD), employers in the counties of Kern, Orange, Riverside, San Bernardino, San Luis Obispo, & Tulare directly affected by the winter storms may request up to a 60-day extension of time from EDD to...
This week’s question comes from Adrienne, a sales manager. I normally earn in excess of the FICA limit ($106,800 in 2010 and 2011). I know the social security withholding rate has been reduced for 2011. What is the maximum amount of social security withholding tax...
According to the US Department of Labor, in the week ending December 18, the advance figure for seasonally adjusted initial claims was 420,000, a decrease of 3,000 from the previous week’s revised figure of 423,000. The 4-week moving average was 426,000, an increase...
Many small businesses struggle to determine whether or not non-compete agreements are worthwhile to use. Such agreements are employment contracts designed to restrict an employee’s right to start a competing business across the street or to take your clients, other...
The Illinois Department of Employment Security has announced an increase in the taxable wage base for 2010. The wage base will increase from $12,520 for 2010 to $12,740 for 2011. Minimum and Maximum Rates Also Increase The minimum employer rate for 2011 will increase...
The Internal Revenue Service (IRS) recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits. Publication 15-B Focuses on Taxation of Fringe Benefits Publication 15-B provides an overview of fringe benefits as well as sections...
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Act) reduces the social security tax withholding rate from 6.2% to 4.2 % effective with payments made after December 31, 2010. Transfers To Federal Old-Age And Survivors...
The Internal Revenue Service (IRS) has released the 2010 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, and accompanying instructions. Employers use Form 940 to report their annual Federal Unemployment Tax Act (FUTA) tax. FUTA Tax Must Be...
This week’s question comes from Matt, a company president. I know the tax bill has passed the Senate and House and that President Obama has signed it. How does the new tax bill affect payroll taxes in 2011? Answer: The Tax Relief, Unemployment Insurance...
According to the US Department of Labor, in the week ending December 11, the advance figure for seasonally adjusted initial claims was 420,000, a decrease of 3,000 from the previous week’s revised figure of 423,000. The 4-week moving average was 422,750, a decrease of...
In IR-2010-120, the Internal Revenue Service (IRS) announced that interest rates for the first quarter of 2011 would decrease from the fourth quarter. The rates are as follows: Three (3) percent for overpayments [two (2) percent in the case of a corporation]; Three...
The Utah Department of Workforce Services has announced an increase in the taxable wage base for 2010. The wage base will increase from $28,300 for 2010 to $28,600 for 2011. Minimum Tax Rate Doubles The minimum tax rate has doubled from 0.2% for 2010 to 0.4% for 2011....
Saturday, January 1, 2011 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 EST and re-open Monday January 3. Most banks will also be closed in observance of the holiday. Payroll changes and hours...
The Division of Labor of the Colorado Department of Labor and Employment recently promulgated Colorado Minimum Wage Order 27, which increases, effective January 1, 2011, the minimum wage for the state of Colorado from $7.24 to $7.36 per hour. Wage Adjustment Is...
According to the California Employment Development Department (EDD), employers in the county of Tuolumne directly affected by the winter storms may request up to a 60-day extension of time from EDD to file their State payroll reports and/or deposit State payroll taxes...
This week’s question comes from Carl, a corporate controller. I received a notice from the Internal Revenue Service (IRS) about Federal Tax Deposit coupons titled, You can no longer make required deposits using Form 8109/8109-B. Why did I receive a notice about...
According to the US Department of Labor, in the week ending December 4, the advance figure for seasonally adjusted initial claims was 421,000, a decrease of 17,000 from the previous week’s revised figure of 438,000. The 4-week moving average was 427,500, a decrease of...
The standard mileage rates for the use of automobiles beginning January 1, 2011 will be 51 cents per mile for business miles driven and 19 cents per mile driven for medical or moving purposes the Internal Revenue Service announced in Revenue Procedure 2010-51 and News...
According to the California Employment Development Department (EDD), employers in the county of San Diego directly affected by the massive stockpile of highly explosive materials may request up to a 60-day extension of time from EDD to file their State payroll reports...
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