Payroll

Friday, October 30th, 2009

Payroll Software Reviews : Payroll Mate Receives High Reviews from CNET.com

Payroll Software Reviews:

Our Payroll Mate payroll software received high reviews from CNET editors: "We’ve tested several payroll programs, and Payroll Mate ranks right up there as one of the best."

Below is the review:

“Payroll Mate 2009 provides tools for managing your business’s payroll. With its simple operation and great features, it’s is a great option for users in charge of a small business’ finances.
Even if you’ve never handled any company’s payroll, large or small, Payroll Mate is easy to get started with. We were able to slip right into the interface and control everything with ease. The program’s Wizard holds your hand every step of the way as it walks you through the setup and data entry stages. The Wizard is most helpful when entering a new employee’s information into the database. You can quickly handle all relevant information, such as address, salary, deductions, marital status, and more. Once you’ve completed this, Payroll Mate automatically tallies all taxes and withholdings, which saves you time and reduces errors by doing the math for you. Payroll Mate automatically translates this financial information into a paycheck that looks exactly like what you’d expect to see in a traditional paycheck. From adding new employees to cutting them a check, the whole process took less than 5 minutes, which was amazing. Payroll Mate also lets you run reports and make detailed evaluations of payroll, employees, budgets, and more. We’ve tested several payroll programs, and Payroll Mate ranks right up there as one of the best.”

  

To read the full review, please go to Payroll Mate CNET editors’ review .

To download a free demo of Payroll Mate please go to the payroll software download page.

Friday, October 30th, 2009

California reissues 2009 payroll withholding tables

The state of California has issued new withholding tables for 2009 (2009 PIT Withholding ), the new tables are in effect for the months of November and December 2009. The tables will change again in January 2010. Employers are advised to implement the new (November & December 2009) tables, as soon as possible.

Our Payroll Mate payroll software will be updated to include the new payroll withholding tables. The updated tables are also available on  California’s Employment Development Department website, please look for:
Method B – Exact Calculation Method Nov/Dec (PDF) – with Instructions

Low Income Exemption, Estimated Deduction, Standard Deduction, Personal Exemption Credit, Annual Payroll Period, Daily / Miscellaneous Payroll Period, Quarterly Payroll Period, Semi-Annual Payroll Period, Semi-Monthly Payroll Period, Monthly Payroll Period, Weekly Payroll Period, and Biweekly Payroll Period

Friday, October 30th, 2009

New York 2010 Withholding Tables

On September 9, 2009, the state of New York issued proposed New York exact calculation method withholding tables for wages paid on and after January 1, 2010. The proposed supplemental wage (such as bonuses, commissions, overtime pay, sales awards or tips) rate for New York in 2010 would be 9.77%.

You can learn more about the new proposed tables by visiting the New York Department of Taxation and Finance, and reading about “Adoptions – Personal Income Taxes”.

Our payroll software automatically calculates New York  state withholding in addition to other payroll taxes such as federal withholding tax, social security tax and Medicare. To read a full description of our payroll system, please go to the payroll software details page.

Tuesday, October 27th, 2009

Minnesota Payroll Taxes- 2010 Minnesota Withholding Computer Formula

The Minnesota department of revenue has released the 2010 Minnesota Withholding Computer Formula. The new formula is effective for wages paid beginning January 1, 2010 (supersedes any formulas before January 1, 2010).

Our payroll software automatically calculates Minnesota payroll taxes. A free demo of the software can be downloaded here: Payroll Software Download .

If you employ anyone who works in Minnesota or is a Minnesota resident and you are required to withhold federal income tax from the employee’s wages, in most cases you are also required to withhold Minnesota income tax. If you are not required to withhold federal income tax from the employee’s wages, in most cases you are not required to withhold Minnesota income tax. The rules for determining if you are required to withhold federal taxes are in IRS Publication 15.

You must withhold Minnesota income tax from the wages you pay employees and then pay the amount withheld to the Department of Revenue. You must withhold tax even if you pay employees in cash or give them other goods or services in exchange for working for you. Goods and services are subject to Minnesota withholding tax to the same extent they are subject to federal withholding tax.

To learn more about Minnesota Payroll Taxes, please visit the Minnesota department of revenue website.

To learn more about our small business payroll software, please visit www.realtaxtools.com

Thursday, October 22nd, 2009

941 due date for the third quarter of 2009 is October 31 2009

Payroll Mate payroll software reminds employers and payroll tax professionals of the 941 deadline for the third quarter of 2009. Form 941 is due the last day of the month that follows the end of the quarter. 2009 third quarter 941 Form is due October 31, 2009 and includes payroll periods in July, August and September 2009.

Use Form 941 to report the following amounts.

  • Wages you have paid.
  • Tips your employees have received.
  • Federal income tax you withheld.
  • Both the employer’s and the employee’s share of social security and Medicare taxes.
  • Current quarter’s adjustments to social security and Medicare taxes for fractions of cents, sick pay, tips, and group-term life insurance.
  • Advance earned income tax credit (EIC) payments.
  • Credit for COBRA premium assistance payments.

Preparing form 941 can be cumbersome and time consuming. A payroll system that includes payroll forms and reports can save business owners time and money. Payroll Mate generates and prints payroll form 941. If you don’t already use Payroll Mate, you can go to the payroll software download page to grab a free demo.