New Mileage Rates Announced by IRS

The Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011 to 55.5 cents per mile, up from 51 cents per mile set in January, 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. In [...]

By | June 27th, 2011|News|Comments Off on New Mileage Rates Announced by IRS

When it Comes to Payroll, Banks Stress Computer Security!

This week, Time & Pay's management met with our ACH processing center to discuss best practices in regards to security and controls for protecting the integrity of ACH files. The computer hacking community works 24 hours a day on trying to make life miserable for those folks who work hard at making an honest living. Businesses must be [...]

By | June 23rd, 2011|News|Comments Off on When it Comes to Payroll, Banks Stress Computer Security!

IRS Plans for Expiration of .2% FUTA Surtax

In 1976, the Federal Government added a .2% surtax on the then 6% FUTA tax rate, or Federal Unemployment tax, that was created to repay loans made to cover the high demand on unemployment insurance and thus the resulting shortfall in funding. The demand on funding was due to high unemployment in the early 70's. [...]

By | June 15th, 2011|News|Comments Off on IRS Plans for Expiration of .2% FUTA Surtax

New Payroll Tax and Related Rates Announced

Social Security Wage Base Projected to Rise in 2012 The Social Security wage base, now at $106,800, is projected to increase to $110,700 in 2012, according to the annual report of the Social Security Board of Trustees. This projection is based on the intermediate cost assumptions contained in the report. This will increase the social security tax [...]

By | June 6th, 2011|News|Comments Off on New Payroll Tax and Related Rates Announced