Archive for the ‘Payroll Fact of the Day’ Category

2017 Mileage Rates Annouced

The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.   Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:   53.5 […]

Understanding the Payroll Liability Report

by Travis Ward, Payroll Experts, Inc   I love the Payroll Liability Report.  This one page report shows many critical payroll numbers.  The first number I always look to is the “Total Bank Deposit” (bottom right corner of the report).  The amount shown here is the total cost for your payroll including employee net checks, […]

2016 Tax Info

by Jaime Shoell   It’s the time of year where taxable earnings reset.  This impacts both employees and employers.  For example, at some point in 2015 employees may have reached the Maximum Taxable Earnings for Social Security  Once they reached that max in 2015 social security no longer was withheld from their check.  Now that […]

27 Pay Periods in 2016???

By Burke Brown, Payroll Experts, Inc   Happy New Year everyone!  It’s amazing another year has flown by.  It really is true, the older I get the faster time seems to fly.  I have a New Year’s riddle for those of you who pay bi-weekly or weekly and have salaried employees.  We have received questions […]

Payroll Tip: IRS Refund Checks

If you receive a refund check from the IRS for your company, please consult with your Payroll Experts account specialist. Cashing a check that has been issued to your company, in error by the IRS, may result in penalties and interest owed.

Payroll Tip: Taxing Bonuses

“Amounts paid to employees as bonuses in addition to their usual compensation must be included in the employees’ income and are subject to federal income tax withholding and social security, Medicare, and FUTA taxes.”  It is best when cutting a bonus check for an employee in between regular payroll runs to contact us, provide the gross […]

PAYROLL TIP: AUTOMATIC GRATUITIES

Our HR Support Center recently addressed the new IRS guidelines for Automatic Gratuities.  Effective January 1, 2014, automatic gratuities in the hospitality industry (for example, an automatic 18% tip for parties of six or more) will be treated by the IRS as service charges rather than tips. Unlike optional tips which the employee bears the […]

TIPS AND TAXES

Payroll Fact of the Day! If an employee receives and declares to their employer $20 or more in tips in a calendar month, federal income, social security and medicare taxes must be withheld.

PAY ON HOLIDAY, VACATION, AND SICK DAYS

Payroll Fact of the Day! We are constantly asked if employers have to pay employees for days not worked such as holidays, vacations or sick days. The answer is no. FLSA does not require employers to pay employees for days not worked. Under federal law, holiday, vacation, and sick pay is not counted in determining […]

OUTSIDE EMPLOYEE’S EXEMPTION STATUS

Payroll Fact of the Day Outside salespeople can be considered exempt if they meet two requirements: 1) they are customarily engaged in selling or getting orders for the company’s product/service and 2) they work away from the employer’s premises

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