Proposed Revisions to Overtime Regulations Expected to Be Finalized in February

Proposed Revisions to Overtime Regulations Expected to Be Finalized in February

December 30th, 2014 11:55 am

The Department of Labor (DOL) has set a February 2015 deadline to issue proposed revisions to the overtime regulations. Background. 29 USC 213(a)(1) in the Fair Labor Standards Act (FLSA) provides a minimum wage and overtime exemption to any employee employed in a bona fide executive, administrative, or professional capacity (white collar workers), or in […]

Business Mileage Rate Increasing in 2015

December 18th, 2014 11:09 am

Effective Jan. 1, 2015, the standard mileage rates for the use of a car (including vans, pickups, and panel trucks) will be: • 57.5¢ per mile for business miles driven (currently, 56¢ per mile); • 23¢ per mile for medical or moving purposes (currently, 23.5¢ per mile); and • 14¢ per mile for service to […]

Social Security Taxable Wage Base Increasing to $118,500 in 2015

October 27th, 2014 1:02 pm

The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $117,000 to $118,500 in 2015 (an increase of $1,500) [SSA News Release, Social Security Announces 1.7 Percent Benefit Increase for 2015,  10/22/14; SSA Fact Sheet, 2015 Social Security Changes]. The Federal Insurance Contributions Act (FICA) […]

IRS Updates Backup Withholding Publication

September 5th, 2014 10:02 am

There is now an August 2014 version of IRS Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s),  on the IRS website. Payers are required to deduct backup withholding on certain nonwage payments made to payees for whom an information return was filed that had either a missing or incorrect taxpayer identification number (TIN). Payments […]

Examples Highlight Complexity of Multi-State Unemployment Tax Rules

July 25th, 2014 1:37 pm

The American Payroll Association’s (APA) 32nd Annual Congress included a virtual workshop called “Multi-State Taxation.” The workshop was conducted by Steve Hodgson, CPP, APA Director of Payroll Training. The webinar included discussion on where an employer should pay unemployment tax when an employee works in multiple states. All states use the following uniform set of […]