Category Archives: Payroll taxes

Information regarding payroll taxes

2013 401(K) Limits

If you participate in your employer’s 401(k) plan, the contribution limit has been increased to $17,500 for the year 2013.  If you are over the age of 50, you can contribute an additional $5,500 bringing your total allowable contribution to $23,000 … Continue reading

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Social Security Wage Base

The government recently announced the Social Security wage base for 2013 will be $113,700.  This is an increase from the 2012 wage base of $110,100 in 2012.  Once a person reaches this income limit, they no longer have to pay … Continue reading

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2012 FUTA Credit Reduction will cost Indiana Employers in January of 2013

The FUTA credit will be reduced for Indiana from 5.4% to 4.5% for 2012.  This will result in a FUTA rate of 1.5%.  Since this rate was just announced, FUTA tax that has been calculated through the year will need to be … Continue reading

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Independent Contractor vs. Employee

Both the IRS and State taxing agencies are aggressively looking at the issue of sub contract labor.  If you use sub contractors in your business the following will be of interest to you. The primary audit inquiries fall into three … Continue reading

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The HIRE credit can save you payroll taxes

Navigating revised payroll Form 941 to maximize your HIRE creditThe IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, and its instruction to reflect the payroll forgiveness tax credit provided by the Hiring Incentives to Restore Employment (HIRE) Act. … Continue reading

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