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NEWS & ALERTSPayroll NewsYear End   
 

Year End

Please see enclosed year-end packet, with important calendar dates for Open Enrollment, Holiday Bonuses, Human Capital closings, and items to post for your employees for 2014-2015. Of particular note:

DECEMBER 30th 2014 final payrolls due by 10am – any payrolls received after that time will be processed for 2015 with the new tax tables in effect.

IMPORTANT Year End Payroll items and 2015 Limits

Reminders for Fringe Benefits:

Group Life Insurance Coverage – exempt up to the cost of $50,000 coverage. The premium cost for coverage above $50,000 is considered taxable income.

Third Party Sick Pay – subject to employer and employee taxes unless attributable to employee after-tax contributions

Business use of vehicle – if vehicle is provided by employer and is used for both personal and business, then in most cases the personal use is a taxable fringe benefit and employers are responsible for withholding taxes on this benefit.

Tax Withholding Status:

Employees should review their current federal and state withholding status each year. A change in status may be in order for the next years filing.

Employees who claim exempt status are REQUIRED to submit a new W4 by February 14, 2015. If a new form is not obtained by February 14, 2015 their status will be automatically adjusted effective February 15, 2015 to Single Zero until a new form is received.

Compliance 2015:

Addressing employment status such as full-time, part-time, salary exempt and salary non-exempt will be a must for proper allocation of pay and healthcare

Compliance on the Form I-9 completion for all new hires will be a necessity in order to avert liability and fines for incorrect completion.

2014 State minimum wage increase for NY and WV effective 12/31/14 and 2015 State minimum wage increases effective January 1st for the following states: CT, FL, HI, MA, MD, MO, MT, NJ, OH, OR, RI, VT, and WA. With further increases forthcoming throughout 2015.

Additional Fee Structure
Holidays and Important Dates
2014 Year End Flyer

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