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Monthly Archives / November 2013

  • Nov 24 / 2013
What's New

2014 Wage Base Changes

Social Security Wage Base

Social Security Wage Base Increases to $117,000 in 2014. The Social Security Administration has announced that the 2014 social security wage base will increase to $117,000. The maximum social security tax employees and employers will each pay in 2014 is $7,254.

State Unemployment Taxable Wage Base

For State Taxable Wage Bases for 2014, please go to: www.americanpayroll.org/members/stateui/state-ui-2.

  • Nov 21 / 2013
What's New

It’s Year End – Are You Ready?

You look up at the calendar. Year end is here again. When did that happen? Don’t panic. Use our simple checklist to make sure you’ve got everything covered.

  • Audit, Audit, Audit (Employee Addresses, Social Security #s)
  • Prepare Holiday Schedule for 2015
  • Prepare Payroll Schedule for 2015, keeping in mind Bank & Company Holidays (attach a copy to last paycheck for all employees)
  • Fix all Wage & Tax Errors before the last payroll of the year
  • Remind employees to update changes to their address, if needed
  • Updated new limits for 401k/401k catch-up
  • Verify & update new Benefit Deduction amounts for 2015
  • Verify & update new Workers comp premium rates
  • Order Labor Law Posters for 2015, for all states
  • Schedule/Prepare YE Bonuses
  • Update out of state Unemployment Tax Rates
  • If you have Self-Service/Company Intranet, update all forms
  • Create new files for 2015, Taxes, Benefits, Work Comp, Invoices
  • Prepare YE reports such as 401k Census, Work Comp audit reports
  • Review/Add/Delete Earnings & Deduction codes
  • Review Fringe Benefits & Taxability
  • Review GTL (Group Term Life) amounts & add to W2
  • Reminder: Employers with 250 + EEs must add Healthcare costs to W2
  • Audit outstanding payroll checks

Take a deep breath, and have a successful Year End!

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