Blog

Payment Practices Barometer

Key survey results from the 2016 Payment Practices Barometer

https://group.atradius.com/publications/payment-practices-barometer-americas-2016.html

2018 Social Security Wage Base set at $128,700

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 contribution and benefit base. For earnings in 2018, this base is $128,700.

The OASDI tax rate for wages paid in 2018 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $128,700 would contribute $7,979.40 to the OASDI program in 2018, and his or her employer would contribute the same amount. The OASDI tax rate for self-employment income in 2018 is 12.4 percent.

For Medicare’s Hospital Insurance (HI) program, the taxable maximum was the same as that for the OASDI program for 1966-1990. Separate HI taxable maximums of $125,000, $130,200, and $135,000 were applicable in 1991-93, respectively. After 1993, there has been no limitation on HI-taxable earnings. Tax rates under the HI program are 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons.

Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes.

Source: https://www.ssa.gov/oact/cola/cbb.html  https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf

2017 Social Security Wage Base set at $127,200

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 contribution and benefit base. For earnings in 2017, this base is $127,200

The OASDI tax rate for wages paid in 2017 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $127,200 would contribute $7,886.40 to the OASDI program in 2017, and his or her employer would contribute the same amount. The OASDI tax rate for self-employment income in 2017 is 12.4 percent.

For Medicare’s Hospital Insurance (HI) program, the taxable maximum was the same as that for the OASDI program for 1966-1990. Separate HI taxable maximums of $125,000, $130,200, and $135,000 were applicable in 1991-93, respectively. After 1993, there has been no limitation on HI-taxable earnings. Tax rates under the HI program are 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons.

Source: https://www.ssa.gov/oact/cola/cbb.html

2017 SD Sales Tax Return Filing Date Change

2017 South Dakota Sales Tax Return Filing Date Change

The changes made by SB 36 include:

  • Electronically Filed Returns and Payments
    • The filing due date of tax returns has changed to the 20th of the month from the 23rd of the month.
    • The payment due date has moved to the 25th of the month from the second to the last business day of the month.
  • Paper Filed Returns and Payments
    • Non-monthly filer: The filing due date and payment due date have both moved to the 20th of the month from the last day of the month.
    • Monthly motor fuel paper filer : The filing due date and payment due date have both moved to the 20th of the month from the last day of the month.
    • Monthly business tax paper filer: No change. The due date remains the 20th of the month.

 

 

 

 

 

 

 

These changes will begin with tax returns due during the month of July 2017.

Source: http://dor.sd.gov/SB36.aspx

ACH fee increasing to $1 for QuickBooks desktop users on 9/1/17

ACH fee increasing to $1 for QuickBooks desktop users on 9/1/17. QuickBooks Online, GoPayment and Point of Sale customers are not impacted.

MA court rules for woman fired for medical marijuana use

A Massachusetts’ top court on Monday ruled that a woman who had been fired for testing positive for marijuana that she had been legally prescribed under state law could sue her former employer for handicap discrimination. Read more…https://www.reuters.com/article/us-massachusetts-marijuana-idUSKBN1A21WX

6 pitfalls of SMART Goal-setting

SMART is a mnemonic acronym, giving criteria to guide in the setting of objectives (goals).

It commonly represents:

Specific
Measurable
Achievable  (originally assignable ie who will do it)
Relevant (originally realistic)
Time-bound

The primary benefits of utilizing SMART criteria is that goals are easier to understand and it’s clear when they are done.

When you know what to do, you also know what not to do. While laser-focus is regarded as the ultimate quality that one can posses to achieve their goals, it can also be problematic.

This article lays out some really good pitfalls to keep in mind as a balance to focused goal-setting. I disagree with the article’s title that these points are the reasons why SMART Goal-Setting does not work. SMART goal-setting can work.

Working towards a well defined goal is most meaningful and inspirational if the goal supports a core value, so that it’s more than just a measured achievement that is hit or missed. Did we make progress in moving toward’s our ‘why’ that’s reflected in the outcome?

Read the article here… http://www.intuitiveaccountant.com/people-and-business/6-reasons-why-smart-goal-setting-does-not-work-for-proadvisors/

Research: https://en.wikipedia.org/wiki/SMART_criteria

Securely Deleting Accounting Files

When you delete QuickBooks, bank statements, accounting source documents, or any other files from a hard disk (Windows or Mac), the storage space that the files occupied is available for reuse, meaning new files can use that space, thus overwriting the old file with new data. However, until that occurs, the deleted files are still physically present on the disk and can still be recovered using data-recovery software.

There are ways ways to force an overwrite of these files to securely delete them.

If on a Mac: Newer versions of Mac’s operating system offer as secure delete function named ‘Secure Empty Trash’. Files deleted in this way are completely overwritten by meaningless data.

Drag files you wish to securely delete to ‘Trash’, then choose the Finder application, then select Secure Empty Trash.

If on Windows: There is a Windows command accessed from the command line prompt.

At the command prompt type cipher /w:c:\ which will overwrites de-allocated data to effectively securely delete files from the specified directory, folder, or file path, in this case c:\.

Source: https://support.apple.com/kb/PH18638?locale=en_US
S
ource: http://www.thewindowsclub.com/cipher-command-line-tool-windows

QuickBooks Online Launches New Navigation

Intuit has announced that based on user feedback, they are rolling out some navigation changes to QuickBooks Online. Here’s some highlights:

Home is now called “Dashboard”, but will be the same.

“Banking” is moving to the top of your navigation bar and Bank Rules is getting its own tab.

Customers, Products and Services will now be accessible from “Sales” tab.

Vendors will will now be accessible from “Expenses” tab.

Chart of Accounts and Reconcile under the new “Accounting” tab.

Read more: http://quickbooks.intuit.com/blog/whats-new/quickbooks-launches-new-navigation-to-make-you-more-efficient/

Google Hire coming soon…

It looks like Google is preparing to go head to head with services like Greenhouse, Jobvite, and others. The online search giant will launch Google Hire, a service that allows companies to post job listings as well as accept and manage applications. Read more… http://www.androidauthority.com/google-job-new-service-764466/