Payroll Management

Ineffective payroll management and shoddy payroll systems can result in personal liability (including JAIL TIME) for non-compliance.

Business Management Daily helps our readers with information on payroll processing and tips on timesheets that will help you to implement payroll programs that pay off.

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Q: A terminating employee is requesting an early W-2. He’s also requesting that Payroll provide him with written verification that he hit the 2014 Social Security taxable wage base, even though his W-2 clearly shows this in Box 3. He insists that he doesn’t need to restart paying Social Security taxes with his new employer, since he maxed out for 2014. Is he correct?
A recent Information Letter issued by the IRS on the taxation of employer-provided parking, although noncontroversial, serves as a useful reminder that “free” parking for employees may result in taxes for both the employee and the employer.
The Department of Labor (DOL) is closing out the year with a bang. It’s issued final regulations increasing the minimum wage to $10.10 an hour for employees who work on new or renewed federal contracts and has postponed enforcement action on its final regulations governing home care ­workers.
States have their own W-2 e-filing thresholds and specifications. This chart summarizes those requirements.
If you’re shopping around for group health benefits on the SHOP, don’t forget to factor in the value of the small business health care credit when evaluating the cost of a group policy.
Increases to the personal exemption amount, which doubles as the annual withholding allowance amount, are based on increases to the August Consumer Price Index. Here are the crucial payroll figures you need now.
Q: HR’s latest benefit is a computer purchase program, which is an interest-free loan. The guidelines state its purpose is to encourage employees to purchase up-to-date equipment, increase their comfort level with technology and extend those educational and personal benefits to their families. Employees can borrow up to $1,500, payable over 24 months via payroll deductions. We’re concerned with two aspects of this program ...
The IRS has pegged 317 projects in its annual Priority Guidance Plan, commonly called the business plan. While that’s down from last year’s 324 projects, many of them will have a substantial impact on your payroll operations.
Instead of stuffing all your year-end duties into December, you’ll lighten the load considerably by completing some of these key tasks now.

Completing Forms W-2/W-3, and getting them into the hands of employees and the Social Security Administration on time, is tough enough. Your stress is further compounded if you also handle Forms 1099-MISC for the company’s independent contractors. Here’s what you need to know for the upcoming 1099 filing season.

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