W-2 Verification Report

By now, everyone should have received a W-2 verification report from our office. If you have not received one, please contact your Account Manager as soon as possible. We will be more than happy to send one to you immediately. Your W-2 verification report is a valuable tool at year end. By thoroughly checking your report, you will avoid W-2 errors, filing problems for your employees, and compliance issues for your company. Not to mention the time and expense caused by the need for W-2c's. Please report any corrections to your Account Manager by December 17th. Thank you!

By |2010-11-18T12:57:58+00:00November 18, 2010|Uncategorized|Comments Off on W-2 Verification Report

S-Corp Insurance or Fringe Benefits for 2010?

With 2010 year end quickly approaching. It is important for you to report all fringe benefits to your Account Manager. If you need to report S-corp insurance premiums, Third Party Sick Pay, Personal use of company car or any other fringe benefit, please contact us no later than 1pm on December 30th. Our year-end letter was mailed, emailed, and is located on our blog as well. Please take the time to read through it carefully and call us with any questions. As always, we thank you for your continued business, and look forward to another successful and smooth year end [...]

By |2010-11-17T13:33:05+00:00November 17, 2010|Uncategorized|Comments Off on S-Corp Insurance or Fringe Benefits for 2010?

Independent Contractor or Employee?

Independent Contractor (Self-Employed) or Employee? It is critical that you, the business owner, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors. If you are an independent contractor and hire or subcontract work to others, you will want to review the information in this section to determine whether individuals you hire are independent contractors (subcontractors) or employees. [...]

By |2010-11-16T12:33:43+00:00November 16, 2010|Uncategorized|Comments Off on Independent Contractor or Employee?

2011 Social Security Wage Base will remain at $106,800.

Monthly Social Security and Supplemental Security Income (SSI) benefits will not automatically increase in 2011 as there is no increase in the Consumer Price Index (CPI-W) from the third quarter of 2008, the last year a COLA was determined, to the third quarter of 2010.  Other important 2011 Social Security information is as follows: Maximum Taxable Earnings: 2010 2011 Social Security (OASDI only) $106,800 $106,800* Medicare (HI only) No Limit Quarter of Coverage: 2010 2011 Earnings needed to earn one Social Security credit $1,120 $1,120** Primary Insurance Amount Bend Points: 2010 2011 First dollar amount $ 761 $ 749 Second dollar amount [...]

By |2010-11-15T13:14:15+00:00November 15, 2010|Uncategorized|Comments Off on 2011 Social Security Wage Base will remain at $106,800.

Important FUTA Notice for SC Employers

Our development team will have the calculation for the FUTA credits for South Carolina at the end of 4th quarter. If you have any questions or concerns, please feel free to give us a call at (704) 921-2730 or send an email to payroll@directpaypayroll.com

By |2010-11-12T20:53:40+00:00November 12, 2010|Uncategorized|Comments Off on Important FUTA Notice for SC Employers

Year End Letter

Year-end Cutoff Date The year-end cutoff date for you to report changes for 2010 is December 30, 2010 at 1:00 p.m., or the day a payroll with a January 2011 check date is processed, whichever is earlier.  We recommend that you run any adjustments with a payroll to ensure that the taxes are withheld correctly.  Please remind your accountant to report payroll adjustments no later than your cut-off date. If payroll adjustments are necessary after the year-end cutoff date, we can rerun your tax returns.  However, there will be an additional charge and a processing delay.  Depending on when you [...]

By |2010-11-12T20:29:58+00:00November 12, 2010|Uncategorized|Comments Off on Year End Letter
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