Time and Pay https://timeandpay.com Time and Pay Wed, 29 May 2019 20:20:20 +0000 en-US hourly 1 https://timeandpay.com/wp-content/uploads/2016/05/tp-favicon.png Time and Pay https://timeandpay.com 32 32 Wells Fargo Payroll Clients Being Moved to ADP https://timeandpay.com/2019/05/08/wells-fargo-payroll-clients-being-moved-to-adp/ Wed, 08 May 2019 20:04:30 +0000 https://timeandpay.com/?p=7239 What’s Changed? In an effort to reduce costs, Wells Fargo has agreed to transition their payroll services clients to payroll and HR giants, ADP.  The transition, which will begin May 24th, is scheduled to be completed by the beginning of the first quarter of 2020.  The agreement means that Wells Fargo will slash over 200 […]

The post Wells Fargo Payroll Clients Being Moved to ADP appeared first on Time and Pay.

]]>
What’s Changed?

In an effort to reduce costs, Wells Fargo has agreed to transition their payroll services clients to payroll and HR giants, ADP.  The transition, which will begin May 24th, is scheduled to be completed by the beginning of the first quarter of 2020.  The agreement means that Wells Fargo will slash over 200 job in their consumer banking business payroll services department, and that all future and current payroll client requests will be handled by ADP.

What Effect Has This Had?

Current Wells Fargo payroll clients have been notified of the transition to ADP, and some are looking for other options.  In the conversations that we have had with current Wells Fargo clients, some have had bad experiences with ADP in the past, and others are concerned with what they have heard about the customer service they may receive.

Want Another Option?

If you are a current Wells Fargo client, and would like to switch to a payroll provider other than ADP, Time & Pay is here to help.  We will make sure the transition is as easy on you as possible, and work diligently to make sure your company’s needs are met from the beginning.  Request a QUOTE or a DEMO today, and see how Time & Pay makes payroll more than just producing a paycheck!

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post Wells Fargo Payroll Clients Being Moved to ADP appeared first on Time and Pay.

]]>
New W4 for 2020 Tax Season https://timeandpay.com/2019/04/17/new-w4-for-2020/ Wed, 17 Apr 2019 20:27:30 +0000 https://timeandpay.com/?p=7213 Disappointing Tax Return? Tax season is over for now, and some tax payers may have been disappointed with the size of their tax refund, or worse, surprised that they still owed the IRS money.  Changes to the tax code have reduced the effectiveness of the current W4 in helping calculate how much federal income tax […]

The post New W4 for 2020 Tax Season appeared first on Time and Pay.

]]>
Disappointing Tax Return?

Tax season is over for now, and some tax payers may have been disappointed with the size of their tax refund, or worse, surprised that they still owed the IRS money.  Changes to the tax code have reduced the effectiveness of the current W4 in helping calculate how much federal income tax should be withheld from an employee’s paycheck.  In response, the IRS will be updating the W4 before the 2020 tax season.  While the new W4 may lead to better accuracy, the form itself will be far from easy to use.

What is Changing?

The goal of the IRS in releasing the new W4 will be to ensure that tax payers do not owe, or are owed, any money at tax time.  In order to accomplish this, the new W4 will ask for information such as:

  • Itemized and other deductions
  • Expected income tax credits
  • Non-wage income
  • Total annual taxable wages for employees with multiple jobs

What are the Concerns?

Payroll and tax professionals that were given a draft of the new W4 were concerned that employees would not be able to fill out the form correctly, and that employers would need to offer training sessions.  There were also concerns with privacy, as the form asks for spousal and family income, and income from additional jobs or side work that employees may not want to share with certain employers.

How to Prepare?

Another draft version of the new W4 should be published soon, and the final version is expected to be released before the end of the year.  Once it arrives, employees will most likely need the following pieces of information to complete the form:

  • Filing status
  • Number of dependents
  • Deduction information
  • Total annual earnings from all jobs
  • Non-wage income information (dividends, interest, etc.)
  • Spouse’s income information (if applicable)

Employees are also encouraged to perform a “Paycheck Checkup” in order to get a better idea of their tax liabilities in order to avoid any unexpected surprises.

Regardless of how much federal income tax needs to be withheld, Time & Pay helps make sure all payroll taxes are filed on time and accurately.  Contact us today if you have any questions, or if we can do anything to you stay compliant with IRS or DOL regulations.

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post New W4 for 2020 Tax Season appeared first on Time and Pay.

]]>
New Overtime Rule Has Been Proposed https://timeandpay.com/2019/03/20/new-overtime-rule-has-been-proposed/ Wed, 20 Mar 2019 20:26:41 +0000 https://timeandpay.com/?p=7196 Exempt Employees:  Current Rule According to the Department of Labor, executive, professional, administrative, and computer employees can be considered exempt from minimum wage and overtime under the white collar exception.  In order to be considered “Exempt”, however, this employee must also earn a minimum of $455 per week ($23,660 per year) under.  Commissions and bonuses […]

The post New Overtime Rule Has Been Proposed appeared first on Time and Pay.

]]>
Exempt Employees:  Current Rule

According to the Department of Labor, executive, professional, administrative, and computer employees can be considered exempt from minimum wage and overtime under the white collar exception.  In order to be considered “Exempt”, however, this employee must also earn a minimum of $455 per week ($23,660 per year) under.  Commissions and bonuses cannot be counted towards this minimum under the current rule.

New Overtime Rule: What Will Change

Recently, the DOL has published a proposed new overtime rule that would increase the minimum salary to $679 per week ($35,308 per year).  This rule would allow for non-discretionary bonuses and incentive payments to account for up to 10% of the minimum, as long as they are paid out no less than once per year.

The anticipated effective date of this rule is January 2020, and the DOL intends to review these minimums every four years, and make adjustments based on the Consumer Price Index.

If you have questions regarding the newly proposed rule, or exempt vs. non-exempt employees, contact us today!  Time & Pay offers payroll and HR solutions that can help you minimize your labor costs, while maintaining DOL compliance in order to avoid fines and penalties.

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service organizations of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance, and more. We provide our customers with the cost effective tools needed to better manage their payroll, their employees and their business. Time & Pay’s services guarantee you will save money, time, and aggravation, and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post New Overtime Rule Has Been Proposed appeared first on Time and Pay.

]]>
How to Identify and Avoid Payroll Phishing Email Scams https://timeandpay.com/2019/02/26/how-to-identify-and-avoid-payroll-phishing-email-scams/ Tue, 26 Feb 2019 21:11:07 +0000 https://timeandpay.com/?p=7188 How to Identify Phishing Emails The IRS has issued a warning about an increase in phishing email scams directed at payroll and HR personnel.  The scams generally involve employee W2’s, direct deposit information, or wire transfers.  If successful, these scams can cost your company and your employees thousands of dollars.  Here is a description of […]

The post How to Identify and Avoid Payroll Phishing Email Scams appeared first on Time and Pay.

]]>
How to Identify Phishing Emails

The IRS has issued a warning about an increase in phishing email scams directed at payroll and HR personnel.  The scams generally involve employee W2’s, direct deposit information, or wire transfers.  If successful, these scams can cost your company and your employees thousands of dollars.  Here is a description of each scam, and how to identify them.

W2 Scam:  The email will impersonate a company executive and request copies of employee W2’s, or a report that details employee social security numbers, home address, and salary information.  Once the scammer has this information they will be able to file fraudulent tax returns and collect those employees’ tax returns.

Direct Deposit Scam:  The email will impersonate a real company employee, often an executive, and request that their direct deposit information be changed for payroll purposes.  The bank account information that they provide will be for an account controlled by the scammer, and once payroll is processed, they will receive the impersonated employee’s wages.

Wire Transfer Scam:  The email will impersonate a company executive and is sent to the company representative in charge of wire transfers.  The email will request that a wire transfer is made to an account that is controlled by the scammer.

Other scams include fake invoices, gift card requests, and title escrow payments.  Here is an example of a phishing email one of our employees, Teresa, received from someone impersonating me, Andy Scheu.

How to Avoid Becoming a Victim

Wrong Email:  Teresa noticed that the sender’s email address was different from my actual email address (ascheu@timeandpay.com).

Follow Up:  Teresa contacted me personally to verify whether or not I had sent the email, and learned that I had not.

Don’t Click:  Teresa knows never to click on links or attachments sent by unknown email addresses.

Time & Pay employees take the necessary precautions to make sure that we avoid falling victim to phishing emails, and we hope we can help you do the same.  We strongly suggest you share this post with all of your employees so that they are aware of these scams, and that you implement internal checks and balances to avoid costly mistakes.  Contact us today if you need any assistance regarding this topic or have any questions or concerns.

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service organizations of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance, and more. We provide our customers with the cost effective tools needed to better manage their payroll, their employees and their business. Time & Pay’s services guarantee you will save money, time, and aggravation, and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

 

 

The post How to Identify and Avoid Payroll Phishing Email Scams appeared first on Time and Pay.

]]>
2019 W4 Form Available, Major Changes Delayed Until 2020 https://timeandpay.com/2018/12/27/2019-w4-form-available-major-changes-delayed-until-2020/ Thu, 27 Dec 2018 19:42:47 +0000 http://timeandpay.com/?p=7170 The IRS has issued a new W4 form for 2019.  Changes to the tax code that were put into effect in early 2018 were expected to lead to major changes to the 2019 W4.  After initial feedback, however, the IRS has decided to delay those changes until 2020.  Although very similar to the 2018 W4, […]

The post 2019 W4 Form Available, Major Changes Delayed Until 2020 appeared first on Time and Pay.

]]>
The IRS has issued a new W4 form for 2019.  Changes to the tax code that were put into effect in early 2018 were expected to lead to major changes to the 2019 W4.  After initial feedback, however, the IRS has decided to delay those changes until 2020.  Although very similar to the 2018 W4, there were some changes made to the language in the 2019 W4.  This language helped clarify a couple of items, including:

  • Employees should take into account non-wage income that is not subject to withholding when using the worksheets.
  • The child tax credit may be claimed for only children who have a valid social security number.

Employers are encouraged to have their employees fill out a new W4 at the beginning of each year.  Changes in an employee’s personal life or financial situation may affect the amount of federal income tax they are required to pay, and potentially lead to an unexpected tax bill.  Contact Time & Pay today for more information on how we can help manage changes to your employees’ withholding status, and guarantee tax compliance!

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service organizations of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance, and more. We provide our customers with the cost effective tools needed to better manage their payroll, their employees and their business. Time & Pay’s services guarantee you will save money, time, and aggravation, and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

 

The post 2019 W4 Form Available, Major Changes Delayed Until 2020 appeared first on Time and Pay.

]]>
2019 Payroll Update: Social Security Wage Base https://timeandpay.com/2018/12/05/2019-payroll-update-social-security-wage-base/ Wed, 05 Dec 2018 22:07:49 +0000 http://timeandpay.com/?p=7072 The world of payroll and human resources is constantly changing.  It is important for business owners, and all those involved in payroll and HR processes, to stay up-to-date with IRS, Department of Labor, and other agency regulations in order to avoid costly fines and penalties.  Time & Pay is committed to helping you stay compliant, and in […]

The post 2019 Payroll Update: Social Security Wage Base appeared first on Time and Pay.

]]>
The world of payroll and human resources is constantly changing.  It is important for business owners, and all those involved in payroll and HR processes, to stay up-to-date with IRS, Department of Labor, and other agency regulations in order to avoid costly fines and penalties.  Time & Pay is committed to helping you stay compliant, and in order to do so, would like to provide you with the following updates for 2019:

Update:

The Social Security Administration recently announced that the Social Security wage base will increase to $132,900 in 2019.  That is a $4,500 increase from the 2018 wage base of $128,400.  This means that the first $132,900 that an employee earns in taxable wages will be subject to the 6.2% Social Security tax.

The Medicare tax rate for employees will remain at 1.45%, and will apply to all taxable wages an employee earns up to $200,000.  Wages in excess of $200,000 will be subject to an additional 0.9% Medicare taxes.  Employers, however, are not required to match this additional tax.

Time & Pay can help make sure that your employees’ paychecks are always calculated correctly, and that all payroll tax liabilities are filed on time and accurately.  We have guaranteed compliance for over 25 years.  Let us know how we can help you.

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

 

 

The post 2019 Payroll Update: Social Security Wage Base appeared first on Time and Pay.

]]>
Lowering Employee Financial Stress Will Increase Your Bottom Line https://timeandpay.com/2018/10/30/how-to-lower-employees-financial-stress/ Tue, 30 Oct 2018 15:33:44 +0000 http://timeandpay.com/?p=7040 Employers are recognizing that financial stress is major factor when it comes to maintaining a positive and productive work environment.  In fact, 28% of employees say that financial stress is a distraction for them at work.  Stressed employees tend to have more health issues, have bigger problems with attendance, and lower levels of work engagement.  […]

The post Lowering Employee Financial Stress Will Increase Your Bottom Line appeared first on Time and Pay.

]]>
Employers are recognizing that financial stress is major factor when it comes to maintaining a positive and productive work environment.  In fact, 28% of employees say that financial stress is a distraction for them at work.  Stressed employees tend to have more health issues, have bigger problems with attendance, and lower levels of work engagement.  All of this adds up to decreased productivity, higher turnover rates, and ultimately, lower profitability.  In order to combat this, employers are searching for solutions that will reduce their employee’s financial stress, but won’t affect the company’s cash flow or complicate their payroll process.

To help, Time & Pay has partnered with ZayZoon, a company that allows employees to access their paycheck before payday.  This service helps your employees pay bills on time and avoid overdraft fees, while providing an alternative to high-interest payday loans.  Best of all, we offer this service is at no cost to the employer, and it is completely risk-free!

Contact us today to learn more about how Time & Pay can help lower your employee’s financial stress, and increase your bottom line!

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post Lowering Employee Financial Stress Will Increase Your Bottom Line appeared first on Time and Pay.

]]>
Thinking Out Loud Interview https://timeandpay.com/2018/09/11/thinking-out-loud-interview/ Tue, 11 Sep 2018 15:26:23 +0000 http://timeandpay.com/?p=7013 Thank you to Carl Swann and Tim Cable for having us on their show, Thinking Out Loud for National Payroll Week!  If you missed it, you can listen to the interview here:   Topics discussed include: National Payroll Week Ways to reduce labor costs New W4 for 2019 Paycheck Checkup We hope it helps! About Time […]

The post Thinking Out Loud Interview appeared first on Time and Pay.

]]>
Thank you to Carl Swann and Tim Cable for having us on their show, Thinking Out Loud for National Payroll Week!  If you missed it, you can listen to the interview here:

 

Topics discussed include:

We hope it helps!

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post Thinking Out Loud Interview appeared first on Time and Pay.

]]>
National Payroll Week 2018 https://timeandpay.com/2018/08/30/celebrate-national-payroll-week-time-pay/ Thu, 30 Aug 2018 15:48:02 +0000 http://timeandpay.com/?p=7000 Celebrate National Payroll Week with Time & Pay! Time & Pay is pleased to announce the celebration of National Payroll Week, Sept. 3-7, 2018! Time & Pay would like to thank and congratulate all employers and their employees for their hard work and contributions to the American economy, and for making America “work”.  To help […]

The post National Payroll Week 2018 appeared first on Time and Pay.

]]>
Celebrate National Payroll Week with Time & Pay!

Time & Pay is pleased to announce the celebration of National Payroll Week, Sept. 3-7, 2018!

Time & Pay would like to thank and congratulate all employers and their employees for their hard work and contributions to the American economy, and for making America “work”.  To help celebrate, we invite all of you to visit our office next week for complimentary snacks and opportunities to win free payroll processing!  We will also be providing one-on-one consultations on Thursday and Friday for anyone that has questions or concerns about payroll and tax compliance, or ways that they may improve their payroll process.  We hope to see you there!

Organized by the American Payroll Association in conjunction with Labor Day, National Payroll Week is a nationwide public awareness program that pays tribute to the more than 155 million people who work in the United States, the businesses that employ them and the payroll professionals who support the American system by paying wages, reporting worker earnings and withholding federal employment taxes, along with numerous other payroll related tasks.

Together, through the payroll withholding system, all those professionals contribute, collect, report and deposit approximately $2.4 trillion, or 70% of the annual revenue of the U.S. Treasury. Time & Pay submitted over $157 million of that amount!

Just like the payroll professionals at Time & Pay, payroll administrators throughout the country play a key role in maintaining the economic health of our communities by carrying out such diverse tasks as paying into the unemployment insurance system, providing information for child support enforcement, processing deferred savings plan contributions, and carrying out tax withholding, reporting and depositing.

On the other side of the equation, it is estimated that, collectively, payroll departments will spend billions of dollars annually complying with myriad federal and state wage and payroll tax rules and regulations.

We look forward to celebrating with you next week, and are eager to help answer any questions that you may have!

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post National Payroll Week 2018 appeared first on Time and Pay.

]]>
It’s Time for a Paycheck Checkup! https://timeandpay.com/2018/08/02/time-paycheck-checkup/ Thu, 02 Aug 2018 18:11:47 +0000 http://timeandpay.com/?p=6992 With the new tax code for 2018, the IRS is strongly encouraging employees to perform a “Paycheck Checkup” to help ensure there are no unwelcome surprises at the end of the year in regards to their tax return. While many folks have noticed an increase in their take home pay as a result of the […]

The post It’s Time for a Paycheck Checkup! appeared first on Time and Pay.

]]>
With the new tax code for 2018, the IRS is strongly encouraging employees to perform a “Paycheck Checkup” to help ensure there are no unwelcome surprises at the end of the year in regards to their tax return.

While many folks have noticed an increase in their take home pay as a result of the tax cut, many of those same individuals may also be in for a big surprise at the end of the year when they go to file.  This is primarily due to a change in items like child exemptions and other individual provisions that define what can be itemized and can be used to reduce your tax bill.

For example, those individuals who live in a state with an income tax used to be able to be able to itemize the full amount of that state income tax. The new Tax Act now caps the amount of state income tax that can be itemized at $10,000. This limit may increase the amount of taxable income for individuals in states like Virginia or Georgia, or particularly in states like New York or California where income tax rates are higher than the norm. So while an individual may see a reduction in their payroll taxes, at the end of the year, they may owe more income taxes due to a reduction in the amounts they can itemize.

To help individuals avoid an unpleasant surprise at the end of the year, the IRS has released a new tax withholding calculator to help them define their withholding taking into account the other provisions in the Tax Act.

(You can also find this calculator on Time & Pay’s Online Resources > Useful Payroll & HR Links.)

IRS officials recommend that two-earner couples and filers with large itemized deductions on Schedule A use this new calculator to help make sure they do not end up owing more at the end of the year than they were expecting. Experts also recommend that filers who claim more than 2 personal allowances in prior years check their withholding for 2018. The IRS notes that, as has always been their policy, there are penalties for income tax underpayments. However, indications are they may be considering some leniency for 2018 allowing tax payers to adjust to the new law.

The IRS estimates that 65% of tax filers will see a reduction in their income taxes due to this new law, while 6%, primarily top wage earners, will see an increase. The remaining wage earners will see no change.

If you find that you do need to make alterations to your W4, you can find and download one here!

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll servicesguaranteed payroll tax complianceautomated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TN; Bristol, TN; Johnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766

The post It’s Time for a Paycheck Checkup! appeared first on Time and Pay.

]]>