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IRS W2 and Other filing Deadlines |
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Tuesday, 12 January 2010 20:04 |
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February 1, 2010 is the deadline for employers to mail out Form W-2 and for businesses to furnish Form 1099 statements reporting, among other things, non-employee compensation, bank interest, dividends, and distributions from a retirement plan.
January 15 is the deadline to pay your fourth quarter estimated tax payment. However, you can skip this estimated payment without penalty if you file your return and pay your balance in full by February 1, 2010.
Remind employees to complete a new W 4 if the number of dependents, income from other jobs, etc has changed.
Details are available on the IRS website. |
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Safety Savvy Employers Save $300 Million in Pennsylvania |
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Tuesday, 12 January 2010 20:01 |
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According to Governor Ed Rendell, Pennsylvania businesses have saved more than $300 million through the state’s workplace safety committee program. This state-certified workplace safety committee program allows businesses to save 5% annually on worker’s compensation premiums by operating a state-certified committee. To take advantage of this program, employers must establish a safety committee the meets the certification requirements of the Department of Labor and Industry (DLI). These include:
- A minimum number of two employer and two employee representatives
- Receive state-approved training in safety committee operation, hazard inspection and accident investigation
- Meet monthly
- Keep records of attendance, agendas, and minutes
- Operate for at least six months.
Detailed instructions for implementing a safety committee and applying for certification are available on the Department of Labor and Industry’s website |
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2010 Maximum contribution to 401(k) and other defined contribution plans |
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Tuesday, 12 January 2010 19:57 |
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The maximum contribution that can be made to 401(k) and other defined contribution plans and the maximum benefit that can be funded through defined benefit plans remains unchanged from 2009 according to the IRS.
- Limits for elective deferrals remains at $16,500
- Overall limit for defined contributions plan deferrals from all sources (employer and employee combined) remains at $49,000 per participant.
- The maximum catch-up contribution for ages 50 and older remains at a maximum of $5,500.
- The amount of employee compensation limit that can be considered in calculating contributions to defined contribution plans remains at $245,000.
- The definition of highly compensated employees for 401(k) nondiscrimination testing purposes is $110,000.
Please refer to the IRS or your tax preparer or plan administrator for further clarification. |
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States Raise Employers’ Unemployment Taxes in 2010 |
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Tuesday, 12 January 2010 19:55 |
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According to U.S. Department of Labor (DOL) 40 state unemployment trust funds will be drained by 2011 due to the current jobless toll. Employers’ unemployment taxes for 2010 are projected to rise as a result. A survey of the 50 states and Puerto Rico shows that 35 states have increased their unemployment insurance (UI) taxes on employers for 2010. Twenty-seven states including Pennsylvania, Ohio, and New York said that the tax schedule in their states would see an increase in 2010 compared to 2009.
Although many states are increasing the UI tax, the average tax rate on total wages paid by employers is relatively low by historical standards. Since 1938, the average national UI tax rate on employers as a percent of wages ranged from 0.5 percent to 2.7 percent, while the average national UI tax rate on employers as a percent of taxable wages has varied between 1.25 percent and 3.25 percent according to the DOL.
Seven states, including West Virginia will increase their “taxable wage base” the level of wages subject to a payroll tax on employers.
Please refer to your individual state government website for specific information.
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IRS Announces 2010 Standard Mileage Rates |
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Sunday, 10 August 2008 06:30 |
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Beginning on January 1, 2010, the standard mileage rates for the use of a motor vehicle is
- 50 cents per mile for business miles driven
- 16.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven for volunteer work for charitable organizations.
Please refer to IRS Newswire or your individual tax preparer for additional information. |
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