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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
“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

“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

“Time & Pay does a great job handling both our corporate and independent store accounts. The flexibility of their on-line capabilities gives us the information we need when we need it. Their response to our diverse needs has been excellent.”
-B G – HobbyTown USA, Omaha, Nebraska

“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

“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

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

“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

“We had been doing our payroll in-house. When we reviewed your products and services, we found them to be both affordable and cost-effective. The transition to Time & Pay went very smoothly. We are very confident our payroll tax issues and confidentiality issues are now a thing of the past.”
-S T – D & S Dental, Johnson City, 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

“We had been doing payroll in-house for years and was looking for a cost effective alternative. Your systems and services have been able to provide us with information and reports we were not able to produce with our old system. You have freed our time to concentrate on more important accounting aspects of our business. With the excellent services you provide, we would not consider any other payroll processing system.”
-Kwick-Way Transportation Co, Gray, TN

8-27-2014

Time & Pay Closed For Labor Day 2014

Time & Pay offices will be closed on Monday Sept 1, 2014 as the nation celebrates Labor Day. We will be open at our normal times on Tuesday Sept 2. All of us at Time & Pay wish you all a safe and happy Labor Day, the first day of National Payroll Week.   About [...]

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8-25-2014

National Payroll Week Sept 1 – 5, 2014

National Payroll Week is quickly approaching. It is September 1 through 5, 2015.  This event, organized by the American Payroll Association and payroll professionals throughout the US, celebrates the 156 million employees who work hard to earn their wages and all the payroll professionals who work just as hard to make sure they are paid [...]

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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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