4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
In 2013 there is a new .09% Medicare Tax. It affects individuals or self employed persons whose income exceeds $250,000 for MFJ ($125,000 MFS/$200,000 Single). Employers must withhold the additional tax from wages paid in excess of $200,000, without regard to the person’s filing status. Employers are not required to notify employees when […]
View Post Medicare Tax, New .09 Medicare Tax, Payroll TaxesAs the new year begins I thought it might be helpful to keep the following procedures in mind when preparing your W2s and W3. Form W-3 is the total of all Forms W-2. The sum of line 2 for the four quarters on Form 941 should balance to the amount appearing in Box 1 of […]
View Post Payroll Taxes, W2Santa has never been political but if Congress’ doesn’t make some difficult decisions soon and cut some government sponsored programs and increase some taxes he is going to pull all his white hair out and retire to a deserted island somewhere, never to deliver toys again. All the indecision makes it difficult for him to […]
View Post Confusing Tax Code, Payroll Taxes, Section 179, Year End Tax PlanningOn September 8, 2011 President Obama presented his proposals for boosting the economy. I confess I did not listen to his speech but have read bits and pieces of it and what jumps out at me is the reduction in payroll taxes. Earlier this year I blogged about employee’s having to pay 2% less in […]
View Post Payroll Taxes, Social Security TaxEmployers currently pay 6.2% on the first $7,000 of wages paid annually to each employee. The 6.2% is made up of two parts. A permanent rate of 6% and a .2% temporary surtax. The temporary surtax has been in effect since 1976 when it was first enacted. The most current legislation has it expiring July […]
View Post FUTA Tax, Payroll TaxesIf you use the paper 8109B coupons to pay your FICA withholding income taxes or your corporate income and estimated taxes be forewarned. The IRS has issued proposed regs to eliminate the use of the paper coupons and force the use of Electronic Federal Tax Payment System (EFTPS). EFTPS is a safe convenient way of […]
View Post EFTPS, Form 8109B, Payroll Taxes