The IRS has issued updated withholding tables however what they have issued is the percentage method table. They have not yet issued Publication 15 (Circular E) for 2013, which is what most employers not using payroll software use to calculate payroll taxes. I am watching for it daily and will post about it once it is [...]
The American Taxpayer Relief Act passed to avert the "fiscal cliff" addressed many tax issues but, as expected, it did not contain provisions to extend the tax reduction of the employee portion of Social Security. For 2013 the Employee Rate reverts to 6.2%, the same as the employer rate. The IRS will soon publish new 2013 [...]
In case you missed it, the US Senate passed the American Taxpayer Relief Act of 2012 by a margin of 89-8, and the House approved the bill by a vote of 257–167 late yesterday evening (January 1st). It now goes to the White House for President Obama's signature. This was the Bill that averted to Fiscal [...]
QuickBooks has released payroll update 21301. This update contains the 2012 Form 940 and 2012 Form W-3 and W-2 information needed to process your yearend tax reports. It also contains a new payroll item called Medicare Employee Addl Tax which is required for 2013. As you have probably heard this additional Medicare tax is on [...]
The IRS has announced that the 2013 Standard Mileage Rates will be: 56.5 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations This is an increase of 1 cent per mile over the 2012 business and medical/moving [...]
Starting November 15, 2012 EFTPS is making some changes. They have changed the website to remove defaults from the tax period and settlement date. If you have used the site at the end of a quarter, you know how easy it was to post to the wrong tax period. Now, with this change, you will [...]
Last week the Social Security Administration announced that the 2013 Taxable Wage Base will be $113,700 up from $110,100 in 2012. Unfortunately, many other payroll tax items may not be known until very late this year. Congress is expected to allow the reduction of the employee portion of social security tax to revert to 6.2% [...]
JMF's CPA Kim Smith was featured in "The Selma Times-Journal" annual edition of "Women in Business" which includes 4 or 5 women throughout the county. Kim has brought a lot of positive attention to JMF through her above average, workable knowledge in business and also through her and her husband Ken's community and civic involvement. To [...]
It is being reported in The New York Times today that it is likely that the reduction to the employee portion of Social Security taxes is going to be allowed to expire. While some economists are recommending a replacement tax cut, many politicians are against continuing this particular tax cut. Additionally, Treasury Secretary Geithner has told Congress [...]
Often in lean times employers will advance employees part of their wages to help them cover a need. This is especially true for employees who are paid monthly or have wages paid a week or two in arrears. So when you make that advance how is it treated for tax purposes? Technically, if it is [...]