Payroll

Saturday, October 12th, 2013

Form 941 for the third quarter 2013

 

Reminder to Employers and Small Business Owners:

The due date for filing IRS Form 941 for the third quarter 2013 is Thursday October 31, 2013.  Please remember to make all payroll tax deposits on time.

Wednesday, September 25th, 2013

Peachtree Software (Sage 50) Payroll Data Import & Export

 

Peachtree (Sage 50) payroll import and export is now part of our Payroll Mate software.

We tried to make the process of reading payroll setup from Peachtree and exporting payroll transactions as easy as possible. We invite you to try this existing new feature by downloading a free trial of Payroll Mate from this link. We would love to hear from you, please send us any feedback to info@realtaxtools.com .

The diagram below shows how the import process works.

 

Importing employees' information and payroll setup from Peachtree

 

Based on our internal testing, the average time for importing 20 employees from Peachtree into Payroll Mate is around 15 minutes for someone familiar with Peachtree. This does not include employee state exemptions which will need additional time (depending on the state).

On the export side, once the initial setup is done, exporting data from Payroll Mate to Peachtree should not take more than 5 minutes or even less. The diagram below shows how the export process works.

 

Exporting payroll checks to Sage 50

 

Thursday, September 5th, 2013

2014 Payroll tax Changes

 

We will continue to update this post with new payroll tax changes for 2014.

These changes include withholding tables (federal and state), UI taxable wages and rates, filing penalties, EFT thresholds and more.

Our Payroll Mate® payroll software helps employers and tax professionals stay in compliance with different federal and state payroll tax regulations.

You can download a free trial from here.

 

Arkansas 2014 withholding tables

For tax years beginning on and after January 1, 2014, the lowest tax bracket will be reduced to nine-tenths percent (0.9%) on the first four thousand ninety-nine dollars ($4,099) of net income or any part thereof.

Nevada UI Tax

Effective January 1, 2014, the taxable UI wage base will be $27,400. (The taxable wage base is currently $26,900).The taxable wage base for Unemployment Insurance (UI) contributions is calculated each year at 66 2/3 percent of the average annual wage paid to Nevada workers.

New Jersey UI Tax

2014 Taxable Wage Base under UI, TDI and FLI is $31,500.

Washington UI Tax

The 2014 wage base is $41,300; in 2013 the rate was $39,800.

The taxable wage base is the maximum amount on which you must pay taxes for each employee. The rate is calculated each year based on average wages in Washington.

West Virginia EFT, E-File, E-Pay

For periods starting on or after January 1, 2014, West Virginia taxpayers remitting any single business tax of $25,000 or more during fiscal year 2013 must pay and file returns electronically for all business tax types, unless specifically excluded. The EFT threshold for 2013 was $50,000.

California Minimum Wage

The current California $8 per hour minimum wage will increase to $9 per hour on July 1st, 2014, and will increase to $10 per hour on January 1st, 2016.

Rhode Island Minimum Wage

Effective January 1, 2014 the minimum wage will increase to $8 and hour (currently 7.75 an hour).

Connecticut UI Electronic Wage Reporting / Minimum Wage

Connecticut HB 6452 requires all employers to submit their quarterly wage reports electronically beginning in 2014 unless they apply for a waiver. In 2013 the threshold was 250 for filing electronically.

Connecticut SB 387 Raises the minimum wage by $0.45 in January of 2014, another $0.30 in January of 2015.

 

Payroll Mate Best Value in Payroll Software

 

Sunday, September 1st, 2013

Indiana Withholding: Lake County Implements New Payroll Tax

 

Payroll Mate® software is helping Indiana employers comply with the new Lake County local income tax withholding requirements.

What the new tax means for employers:

Beginning in October 2013, Indiana employers and withholding agents should begin withholding a 1.5 percent local income tax on Lake County resident’s wage income. If the Lake County resident works in a different Indiana county, their employer should stop withholding tax for the other county and begin withholding for Lake County on October 1st, 2013.

Very Important Note for Employees:

Because the local tax did not become effective until October, a prorated rate of .375% resident rate (.0625% nonresident rate) will be used for figuring Lake County tax on the 2013 Indiana income tax returns.

How to Configure the New Tax inside Payroll Mate:

Please refer to this question on how to create local payroll tax. You need to follow the same steps with 2 changes: Make the rate 1.5 (or whatever rate the state sent you) and name the new tax “Lake County Local Tax”.

 

If you do not already use Payroll Mate you can download a free trial here.

Saturday, August 31st, 2013

Oregon New Withholding Return Penalties

Oregon House Bill 2464 creates additional penalties for Oregon personal income tax withholding filers who fail to file a withholding return or who file fraudulent returns.

The new penalties apply to payments made in tax years beginning on or after January 1, 2013.

Under the new bill, a person who fails to file a withholding report, or who files an incomplete or incorrect return or report, shall be subject to a penalty of $50 per information return after the date on which the return or report is due, up to a maximum penalty of $2,500. A person who knowingly fails to file a report or who knowingly files an incomplete, false or misleading return or report, shall be subject to a penalty of $250 per information return after the date on which the return or report is due, up to a maximum penalty of $25,000.

Our Payroll Mate payroll software helps Oregon employers comply with government regulations and process payroll smoothly.

Free trail download of Payroll Mate is available from:

http://payroll.realtaxtools.com/

 

Payroll Mate Best Value in Payroll Software

 

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