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How to report returns on South Dakota Sales & Use Tax Return
Report all original Sales (including those sales that were later returned in the same reporting period) on line 1, “Gross Sales”. Report Returns (regardless of what period the original sale took place) on line 3, “Non-Taxable Sales”. Source: Betty at South Dakota Department of Revenue 800-829-9188 or 605-773-7126 on 01/31/2012.
What is Form 1099-K and why should I care?
You may receive for the first time for tax year 2011 Form 1099-K from your merchant account provider or other third party payment processors such as Paypal for amounts customers paid to you through their network. You should add up all Form Form 1099-MISC and Form 1099-K amounts and make sure that total amount is equal […]
2012 IRS Standard Mileage Rates
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July IR-2011-116, Dec. 9, 2011WASHINGTON — The Internal Revenue Service today issued the 2012 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, 2012, the […]
How To Find A Merchant’s MCC Code
How to find a MCC (Merchant Classification Code) http://visa.via.infonow.net/locator/usa/supplier/NewSearch.do
2011 Form 1099-MISC Confusion
There’s been new rules, then some rules repealed and then some added. It’s hard to know where we stand with all the Form 1099-MISC filing requirements. First, where’s the specific 2011 Form 1099-MISC Instructions? It’s missing from the IRS’s web site as of the writing of this post. There’s instructions for 2010 and 2012 but […]
SD-Payroll Tax: 2012 Rates
2012 South Dakota Tax Rates and Wage Bases: Unemployment (UI): Rate: varies by employer UI account. First three year determined by statute: http://dlr.sd.gov/ui/uitaxfaqs.aspx#taxrates A “Contribution and Investment Fee Rate Notice for 2012” is mailed in November for the next year’s rates and wage bases. If you cannot locate, call SD DOL UI Insurance Division 605-626-2312. Wage […]
Convert a QuickBooks Customer to a Job
It is possible to convert a Customer to a Job, however, it involves very skillful use of the mouse, here’s how to do it: a.) Open Customer Center. b.) If you don’t have the parent (new customer of job) that the old customer will be a job of, create the parent customer or job. c.) […]
2012 Form W-4, Employee Withholding Allowance Certificate
Workers should review their withholding every year and if necessary, fill out a new Form W-4 and submit it to their employer. Workers who claimed exempt on their 2011 Form W-4 will need to complete a new Form W-4 for tax year 2012 by February 16, 2012 in order to maintain their exempt status.
Reporting in QuickBooks Employer-Sponsored Health Coverage Cost for Tax Year 2012.
Reporting in QuickBooks Employer-Sponsored Health Coverage Cost for Tax Year 2012. If you are currently using an Intuit QuickBooks Payroll solution – including Basic Payroll, Standard Payroll, Enhanced Payroll, or Assisted Payroll – read on to find out more about reporting employer-sponsored health coverage cost for tax year 2012. A new tax tracking type, Health […]
Wages paid in excess of $18,350 within the first two months of 2012.
What to do regarding wages paid in excess of $18,350 within the first two months of 2012? At this time, 4.2% Social Security Tax should be withheld on all wages for that period (01/01/12-02/29/12). Under the terms negotiated by Congress, the law also includes a new “recapture” provision, which applies only to those employees who receive […]
Payroll: 2012 Social Sec/Medicare Rates & Wage Bases
2011 Social Sec/Medicare Rates & Wage Bases Social Security: EmployEE: 4.2% on earnings up to $110,100* (see below) EmployER: 6.2% on earnings up to $110,100 Medicare: Employee/employer (each) 1.45% on all earnings * Section 601 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reduced, for wages and salaries paid in […]
CA-Payroll Tax: 2012 Rates
2012 California Payroll Tx Rates: http://www.edd.ca.gov/Payroll_Taxes/Rates_and_Withholding.htm#2012UIETTandSDIRates
Employers Required to Include Employee’s Date of Hire on New Hire Reports Starting 01/16/2012
Effective January 16, 2012, employers will be required to include an employee’s date of hire when submitting a new hire report. The date of hire is the date an employee first performed services for pay. This requirement was enacted in Section 802 of the Claims Resolution Act of 2010 (CRA; Pub. L. No. 111-291) signed […]