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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Family leave. The state’s paid family leave law, which was to have become effective on Oct. 1, 2012, will now become effective on Oct. 1, 2015. (S.B. 5091, L. 2011) Minimum wages. For 2012, the inflation-adjusted minimum wage increases to $9.04 an hour, up from $8.67.
Income tax withholding. Employers filing at least 50 W-2s must file those forms electronically. The old electronic-filing threshold was 250 forms. Employers must withhold $2.50 per quarter from all employees who work within the city of Parkersburg’s corporate limits. Amounts must be remitted quarterly to the city. Employers must keep records for seven years.

The holidays are nigh—a time filled with goodwill toward all. Except maybe for you, as you’re charged with handling a bonus payroll, in addition to the regular payroll. If holiday bonuses are in your company’s future, be sure to cover these bases.

Income tax withholding. The phrase “Internal Revenue Code” means the federal tax code as amended and in effect on Jan. 1, 2011. (H.B. 40, L. 2011)
The IRS wants agents who file their clients’ Forms 941 to please color within the lines on Schedule R, Allocation Schedule for Aggregate Form 941 Filers.
Q. We just fired an employee after discovering that he stole $5,000 from the company. Do we have to pay the employee his final paycheck or can we apply that paycheck toward the $5,000 he owes us?
The IRS has yet to release the 2012 percentage method and wage-bracket withholding tables. It did, however, release the 2012 inflation-adjusted withholding allowance amounts and the amounts employees can defer from their pay for qualified transportation fringe benefits. Also unsettled is the Social Security tax rate for 2012.
Most states have regulations regarding the timing of when employers have to pay employees when a termination occurs. Often, there is a difference in that timing when it involves an employee who quits versus an employee who is fired by the employer.

Under the Affordable Care Act health care reform law, employers will pay a penalty if just one employee enrolls in coverage through the individual exchange and receives a premium tax credit and his or her contribution isn’t affordable because it exceeds 9.5% of his or her household income. Problem: You usually don’t know employees’ household income. To remedy this, the IRS is proposing an employer affordability safe harbor.

Question: A rehired employee will soon be receiving his first paycheck. He had a child support withholding order when he terminated. Should I withhold for that order or wait for a new order?
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