Archives › 2015 › December
CA Minimum Wage Increases to $10 per hour
Effective January 1, 2016, the minimum wage in California is $10.00 per hour. Read more… http://www.dir.ca.gov/dlse/faq_minimumwage.htm
Be on the lookout for IRS Payroll Tax Deposit frequency notices
Each year, during November and December, the IRS sends out FTD Federal Tax Deposit Frequency notices that inform you about what schedule that your payroll taxes must be paid. Your deposit schedule for a calendar year is determined from the total taxes reported on your Forms 941 in a four-quarter lookback period. The lookback period […]
Be on the lookout for state state UI rate notice for 2016
Each year during November and December, states send out UI (unemployment insurance) rate notices for the upcoming year. You want to make sure to input that new rate before the first payroll of 2016 to avoid miscalculation of the UI tax liability.
2016 Retirement Plan Contribution Limits
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,000. […]
For 2016 Social Security Wage Base remains at $118,500
Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit changes each year with changes in the national average wage index. We call this annual limit the […]