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The Payroll Advi$or!

Payroll Wage, Contribution Limits for 2013

Need to know what the payroll related tax limits, mileage rates, etc are for 2013. Here you go…..

Payroll Taxes 

  • Social Security wage base:   6.2% of the first $113,700 in wages
  • Medicare tax:  1.45% on the first $200,000 in wages ($250,000 married),  2.35% on all addition wages.
  • FUTA Tax Rate:  .6% of first $7,000 in wages (Note: FUTA Credit Reduction States  will experience additional FUTA tax. The Federal Gov will determine those states at the end of the year. In 2012, there were 18.)

Basic Deferred Savings Plan  Limits

  • 401K, 403B:        $17,500
  • Catch-up (for those 55 or older):   $5,500
  • Simple:   $12,000
  • Section 457;  $17,500
  • Individual Retirement Account (IRA):  $5,500

Mileage Rates

  • Business Miles:   56.5 cents
  • Medical or moving miles:  24 cents
  • Charitable miles:  14 cents

W-4

New 2013 W-4′s are on our site under Customer Resources.

Please feel free to call one of our payroll specialists at 423-854-9042 if you need assistance with other payroll issues.

 

Posted in News
“Time & Pay saved us from hiring another employee to do our payroll. Along with providing great payroll services, they have given us the ability to easily track our labor cost for job costing.”
-J K – American Calendar, Greeneville, TN

“As a former customer of one of those big national firms, not only does Time & Pay perform better in the payroll processing area with better products and services, but you are also way ahead of them in the customer service area. It is a pleasure working with your staff knowing that any help we need is readily available.”
-C – Comprehensive Community Services, Johnson City, TN

A while back, the state came to our office to audit our payroll records. When the auditor found out Time & Pay did our payroll, she stopped, packed her briefcase and informed us there was no need for the audit. She was very confident we were compliant.
-K B – GR&P Co. Bristol, TN

“We find your integrated timekeeping and payroll easy to use and more accurate than the time sheets we were using. My time is now freed up to take care of my patients and other aspects of my business. Thanks for making the transition to outsourcing my payroll easy and cost effective.”
-B W – Westmoreland, DDS, Johnson City, TN

“Opening up a large retail operation, the last thing I wanted to concern myself with was payroll and all the compliance hassles. Time & Pay takes care of all my payroll needs. With their services, my payroll worries are eliminated. We would recommend your services to any one.”
-D K – DW Express LLC, Bristol, VA

“From the start, Time & Pay has worked with us in many aspects of payroll and HR as we have grown from a single facility to a multi-state operation. They have allowed us to concentrate on that expansion while they have focused on keeping us compliant with payroll and timekeeping regulations. There customer service is exemplary! They are great to work with.”
-J G – Prime Choice Foods, Denver, CO

Time & Pay is a  godsend for a small business like mine. I no longer have to worry about paying my employees or my payroll taxes accurately or on time!  Time & Pay takes care of everything for me!
-B M – Stellar Studios, Johnson City, TN

“As a new company to Johnson City, we were glad to find a local quality payroll service provider. We had used a national provider in Florida and were well aware of the advantages of outsourcing. Time & Pay offers all that the big national firms provide and more, including local, prompt and courteous customer service!”
-K H – JD Squared, Johnson City, TN

“Having Time & Pay as a payroll service has been a wonderful partnership. Their customer service, punctuality and attention to detail have surpassed our expectations and we are glad to have them as a partner in conducting all of our payroll functions. I would highly recommend their services to companies, large and small.”  
-T W – Little Things, LLC, Chattanooga, TN

“After working with one of the national firms, the transition to Time & Pay was easy and beneficial. Their products and services exceeded what we were getting, were more cost effective, and their customer service goes above and beyond. We are very happy we made the change.”
-R V – Mountain Treasure Corral, Kingsport, TN

8-18-2014

Tax Exempt Organizations and Payroll Taxes

Report Finds Exempt Organizations Owe Hundreds of Millions in Payroll Taxes  According to a report recently released by the Treasury Dept, many tax-exempt organizations failed to pay their required payroll taxes leading to nearly $1 billion in lost revenue for the Treasury over a three-year period The Advi$or reminds tax-exempt organizations such as those qualified [...]

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7-28-2014

Time & Pay Hires New Account Executive for Knoxville

Time & Pay is pleased to announce the hiring of Larry Elliott as an Account Executive to represent our services in the Knoxville, TN and surrounding area. “Larry brings a strong background in sales and customer service to our company,”  noted Steve Scheu, CEO,  ”as well as years of business experience and a good understanding [...]

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7-15-2014

FMLA Benefits Now Include Same Sex Marriage Couples

Under a proposed rule issued June 20th by the Dept. of Labor, the Family and Medical Leave Act (FMLA) will now apply to eligible employees in legal same-sex marriages regardless of what state they live in and that state’s same-sex marriage laws. Under the FMLA, workers are allowed to take up to 12 weeks of [...]

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