You are currently browsing the archives for the Payroll Tax category.
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « Mar | ||||||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 21 | 22 | 23 | 24 | 25 | 26 | 27 |
| 28 | 29 | 30 | 31 | |||
- Ask Question or Comment (3)
- General (53)
- Income Tax (80)
- International Taxation (26)
- LLC's (49)
- Newsletter Topics (14)
- Payroll Tax (21)
- Retirement Accounts (17)
- Sub S Corporations (43)
- 3. March 2012: 1099s - Should I do them?
- 22. February 2012: Sale of Business BUT What did you Sell?
- 1. February 2012: Florida State Unemployment Tax Rates 2012
- 21. January 2012: 2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
- 17. January 2012: 2012 Mileage Rates
- 13. January 2012: Vacation Homes - sometimes you don't declare the rent!
- 11. January 2012: How Often Does Tax Law Change....
- 26. December 2011: 2012 Payroll Tax Cut Extended 1st Two months
- 27. November 2011: Ballgames - can you deduct?
- 15. November 2011: WHAT IS HIGH DEDUCTIBLE HEALTH PLAN
Blogroll
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- September 2010
- August 2010
- July 2010
- June 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- July 2009
- March 2009
- February 2009
Archive for the Payroll Tax Category
Florida State Unemployment Tax Rates 2012
1. February 2012 by admin.
Contribution Rates
For 2012, the minimum rate is 2.02% and the maximum rate is 5.4%, except that employers participating in the short-time compensation program will be subject to a maximum rate of 6.4%. New employers pay 2.7% in 2012. The noncharge ratio is .0057, the excess payment ratio is .0089, the gross benefit ratio is .0275, the multiplier is 1.1382, the fund size ratio is .0167, and the final adjustment ratio is .0313. There also will be a special tax assessment in effect for 2012 to assist in repaying the interest on the state’s Title XII loan, but that amount is not available yet. (DEO Communication.)
Posted in International Taxation, Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »
2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
21. January 2012 by admin.
HERE IS HOW TO REPORT IT
Health Insurance for the entire family goes on Shareholder’s W2
Box 1 & Box 14 (Does not affect FICA).
W3 Box 1 only
Form 941 Box 2 only (Does not affect FICA).
Form 940 Included in Total Payments Line 3 & Box 4 - excluded from FUTA tax
UCT-6 (Florida’s Unemployment Tax) Not shown
Health Insurance for employees does NOT appear any payroll reports (YET!).
Posted in International Taxation, Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »
How Often Does Tax Law Change….
11. January 2012 by admin.
There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone.
Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »
2012 Payroll Tax Cut Extended 1st Two months
26. December 2011 by admin.
A 2-Month Extension to the Payroll Tax Cut Signed
Friday, December 23, 2011 a 2-month extension of the payroll tax cut was signed. This means the employee social security rate will remain at 4.2% through February 29, 2012. Paycor has updated the tax rate to 4.2% for January and February 2012. We continue to closely monitor this legislation and will relay any additional updates.
Posted in Payroll Tax, International Taxation, Sub S Corporations, LLC's, Income Tax | 1 Comment »
W2 Healthcare Reporting 2011 & 2012
31. August 2011 by admin.
The Patient Protection and Affordable Care Act requires employer provided health care costs to be reported on Form W-2 starting with the 2012 tax year. This will affect employers who filed 250 or more W-2s for the 2011 tax year.
Posted in Payroll Tax, Newsletter Topics, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »
What is an Enrolled Agent (EA)?
19. August 2011 by admin.
Background: “Enrolled” means EAs are licensed by the federal government, while “Agent” allows appearance in place of the taxpayer before the Internal Revenue Service (IRS).
Only EAs, attorneys and CPAs may represent taxpayers before the IRS. The EA profession started in 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens with the Treasury Department.
EAs were created by legislation signed into law by President Chester A. Arthur to handle these claims. At the time, some individuals with legitimate claims were cheated by their representatives in Washington while on other occasions; the government was being defrauded by false claims. EAs were the trusted individuals to represent petitioners in the US Court of Claims. Eventually their work expanded to focus on tax practice.
Professional Competency. The EA designation is awarded to individuals who successfully demonstrate expertise in the field of taxation by passing a tough enrollment test. EAs account for less than 10% of all individuals currently practicing in the field of taxation.
Continuing Education. EA is the only professional credential issued at the Federal level in taxation and requires considerable continuing professional education yearly.
Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »
FUTA Rate Revision
28. June 2011 by admin.
Congress has announced that the 0.2% FUTA surcharge will not be extended before June 30, 2011.
Employers have been required to pay a flat rate of 6.2% on the first $7,000.00 of each employee’s annual wages for FUTA. The 6.2% FUTA rate included a temporary 0.2% surcharge that was first added in the 1970’s. The FUTA rate will be reduced from 6.2% to 6.0% effective July 1, 2011. Employers will still receive the 5.4% credit for paying state unemployment on time, reducing the FUTA rate to .6% on wages paid up to the annual FUTA limit of $7,000.00.
The IRS is currently revising Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return) to accommodate the two different FUTA rates for calendar year 2011.
Posted in Payroll Tax, Sub S Corporations, LLC's, General | 1 Comment »
Taxpayer Beware - IRS does not email
11. May 2011 by admin.
The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations, or personal tax issues.If you receive such an e-mail, it’s a scam.
Posted in Payroll Tax, Ask Question or Comment, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »
Minimum Wage 2011
11. May 2011 by admin.
For wages earned starting 6/1/2011 Florida employers must start paying their employees $7.31 per hour.
This is an increase of $.06 over the current minimum wage of $7.25 per hour.
Tipped employees must be paid an hourly rate of $4.29 per hour on wages earned starting 6/1/2011.
Please visit the website http://www.floridajobs.org/minimumwage/index.htm for more information.
Posted in Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 2 Comments »
IRPAC - when did this start?
18. March 2011 by admin.
IRPAC (Information Reporting Program Advisory Committee) was established in 1991 as a result of an administrative recommendation contained in the final conference report for the Omnibus Budget Reconciliation Act of 1989. The recommendation suggested that the IRS consider “the creation of an advisory group of representatives from the payer community and practitioners interested in the Information Reporting Program (IRP) to discuss improvements to the system.”
Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »