Nancy

Sep 232013
 

Time 4 Payroll would like to remind all employers in Oregon that, although you are required to be covered under Workers Compensation Insurance, the ORWBF that you see in payroll reports and paystubs is NOT workers compensation insurance.  ORWBF is simply a payroll tax that is applied to all employees that are required to be covered under workers comp insurance, but is not in fact the actual workers compensation insurance.

If you are a business owner with employees (the owners of the business are usually exempt) and are not sure if you have workers comp insurance, please contact your insurance broker.  If you do not have an insurance broker or agent, contact us and we will refer you to a good, qualified broker.

Washington businesses with employees are covered under state workers comp — Washington Labor & Industry (L&I) — and do not need to purchase a private workers comp insurance policy.

 Posted by at 09:42
May 202013
 

Recently, a client asked us if HR documentation can be scanned and originals shredded.  Since we at Time 4 Payroll like to do our part by being as paperless as possible, we thought this was a great question.

Not finding any rules on the IRS, OR BOLI and WA L&I websites, we called BOLI and L&I and were told that the law is “silent” on this issue.  The law requires that employers keep records, but does not specify how those records are to be kept.  Our contact at OR BOLI told us that keeping digital-only files would not likely cause a compliance issue, but may be problematic if there was ever some litigation.  In that situation, you may have to explain why you destroyed original documentation.

That leaves employers to decide what level of risk they are willing to take.  At Time 4 Payroll, security of data is crucial, so we will continue our practice of keeping most data in a secure, digital format.  Nevertheless, keeping a hard copy of certain employee records in a locked filing cabinet might not be a bad idea.

Minimum wages, Social Security wage limits, Pension Plan limits – going up in 2012!

 Uncategorized  Comments Off on Minimum wages, Social Security wage limits, Pension Plan limits – going up in 2012!
Nov 072011
 

Several states have announced increases to their minimum wages effective January 1, 2012.  These include:

  • Oregon – $8.80
  • Washington – $9.04

The Social Security Administration has announced that the Social Security wage limit for 2012 has increased to $110,100

The IRS has released Pension Plan limitations for 2012:

  • The 401k limit has increased from $16,500 to $17,000
  • The 403b limit has increased from $16,500 to $17,000
  • The 457 limit has increased from $16,500 to $17,000
  • The SIMPLE limit (408p) remains unchanged at $11,500
  • The Catch Up limit for those age 50 and over remains unchanged at $5,500
 Posted by at 16:20

Did you take advantage of the HIRE Act in 2010?

 Uncategorized  Comments Off on Did you take advantage of the HIRE Act in 2010?
Oct 192011
 

If you took advantage of the HIRE Act tax credit last year, you may be eligible for the HIRE Retention credit on your 2011 business tax return.

The HIRE retention credit is a general business credit to encourage retention of new hires and will be claimed on the employers income tax return. The amount of the credit is the lesser of $1000 or 6.2 percent of wages (as defined for income tax withholding purposes) paid by the employer to the retained qualified employee during the 52 consecutive week period. The qualified employees wages for such employment during the last 26 weeks must equal at least 80% of wages for the first 26 weeks.  Click here for the FAQs http://www.irs.gov/businesses/small/article/0,,id=220747,00.html.

If you qualify for this tax credit, tell your CPA or tax preparer when you have your business tax return done.

 Posted by at 10:07