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Q: We reimburse employees for the cost of their cellphones, as well as their wireless coverage. Is the reimbursement for the cost of the cellphone taxable?
Q: Are amounts paid for wellness programs and on-site medical clinics reportable in Box 12 of employees’ W-2s? Also, can you explain when dental and vision plan costs are reportable on Form W-2? What qualifies these benefits as “separate” plans?
Nothing upsets your well-oiled Payroll machine more than the influx of summer hires and their paperwork. Use these tips to tame the summer hiring process.
It’s a frequently recurring headache for employers and the IRS: Determining whether the value of frequent-flier miles employees accumulate when they travel on business is a tax-free fringe benefit or taxable compensation. Share this latest guidance with your colleagues in the payroll department.
Wage garnishment is a tricky business for employers. To keep garnishment practices on the straight and narrow, employers must know how to make deductions and how much to deduct; what is considered disposable income; and which garnishment orders take precedence.
State laws usually require that employee participation in direct deposit or paycard programs must be voluntary. States may also allow paycard vendors to charge employees fees, beginning with the second transaction. This chart summarizes the states’ direct deposit/paycard rules. “Mandatory” means that a state allows you to make e-payment a condition of employment, if you choose. States that don’t have laws aren’t included. In all cases, contact your state labor department for the full story.
To encourage employees to sign up for checkless paydays, the federal government declared May direct deposit month. As government declarations go, it’s been a success—most employees do have their pay deposited directly into their bank accounts. Most isn’t all, however.
Sarah spent the afternoon working on a quarterly report for her boss, only to hear this when she delivered it at day’s end: “This isn’t a final version, is it? It won’t be a problem for you to work overtime today and fix this, will it?” Her boss just delivered a question trap—a leading question.
Forget the overdone hamburgers and warm soda. Payroll problems can arise even around the most hallowed of institutions, the annual company picnic.
• NOTE: Saturdays, Sundays and legal holidays as observed in the District of Columbia are taken into account to determine due dates. Under the federal deposit rules, you’re allowed a deposit shortfall of the greater of $100 or 2% of your tax liability. Semiweekly and monthly deposits are for the deposits of FICA and withheld [...]