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End of Quarter Payroll Tax Review

Here are some tricky things that we often have to fix for clients at the end of each quarter before the tax returns can be filed:  Tax rates aren’t correct This happens for three reasons: UI Rates typically change at the beginning of the calendar year and must be updated in QuickBooks. Rates sometimes change mid-year. […]

Wage Compensation for S Corporation Officers

FS-2008-25, August 2008 Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contributions Act), FUTA (Federal Unemployment Tax Act) and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered […]

Should single member LLC owners be on payroll?

Should single member LLC owners be on payroll? The answer is it depends. A single member LLC (Limited Liability Company) that has not opted to be taxed as a corporation is taxed as a sole-proprietorship. Self-employed persons are not employees of their business, since there is no distinction between a business and its self-employed owner […]

New Hire Reporting – South Dakota

New Hire Reporting – South Dakota Send via fax:  1-888-835-8659 or 605-626-2842  https://www.state.sd.us/eforms/secure/eforms/E0778v1-LivePhoneReportWithAddress.pdf

e-pay Tax Payment and Direct Deposit Transmission Deadlines in QuickBooks

Direct Deposit Transmission: There is a hard deadline of 5pm PT two business days before pay date. Wed 5pm PT for Fri pay day. e-pay of tax payments: 2 business days prior to payment date. Although IRS EFTPS has a transmission deadline of only 8p ET the day before payment date, QuickBooks requires you to […]

Payroll: 2011 Social Sec/Medicare Rates & Wage Bases

2011 Social Sec/Medicare Rates & Wage Bases Social Security: EmployEE: 4.2% on earnings up to $106,800 EmployER: 6.2% on earnings up to $106,800 Medicare: Employee/employer (each) 1.45% on all earnings From http://www.ssa.gov/pubs/10003.html

SD-Payroll Tax: UI Surcharge rate 0% for Q2-2011

2011-Q2 Surcharge rate is 0%. http://dlr.sd.gov/ui/uitaxfaqs.aspx#taxrates