The Fiscal Cliff: How does it affect you?
The term “Fiscal Cliff” was coined to refer to the convergence of several major events at the close of 2012. These events included the expiration of the “payroll tax holiday” and the two-percent reduction in employee paid Social Security tax, the expiration of the “Bush-era” federal income tax rates and large automatic spending cuts by the government.
On January 1, 2013 the American Taxpayer Relief Act of 2012 (ATRA) was passed by both houses of Congress and is expected to be signed by the President within days.
Key highlights of the ATRA include:
Continuation of the “Bush-era” income tax rates for individuals earning up to $400,000 and households earning up to $450,000. The rate for those exceeding these amounts will increase from 35 percent to 39.6 percent.
The act does not extend the “payroll tax holiday”, so employees Social Security tax rates will go from 4.2 percent back to 6.2 percent up to the 2013 taxable wage limit of $113,700.
ProPayroll has updated our systems to reflect these changes. All 2013 payrolls that have already been processed have had the proper Social Security tax withheld, and the federal income tax tables are now being updated.
Our team continues to monitor all regulatory changes and updates and stand ready to implement any changes required.
E-Verify is now fully integrated into ProPayroll’s Workforce Management platform. E-Verify is a program by the Department of Homeland Security to determine the eligibility of new employees to work in the US. Our system makes compliance a breeze as the results are saved within the system in the employee’s record.
We are excited to announce that ProPayroll’s new Mobile App is now available.
FREE to those with Android and iPhones, the App gives employees real time access for clocking in and out, making time off requests, reviewing pay-statements and W2s, as well as access to much of their payroll data.
Managers can approve time off requests, see who is currently clocked in and out, review GPS data and map locations of where and when their employees clocked in and out, and much more.
The App is FREE and now available at the iPhone and Android App stores.
Contact us today to get started or for more information at; .(JavaScript must be enabled to view this email address), or 877.477.6729.
The ProPayroll Employee Handbook Wizard is now available within our HR Support Center. The wizard allows you to answer specific questions about your company and builds a completely customized and compliant employee handbook for your unique organization. The handbook is then reviewed by an HR Professional, who specializes in Employee Handbook development and emailed to you.
The best part is, it’s FREE and AVAILABLE NOW!!!
If you do not currently have access to our HR Support Center please just let us know and we will configure your account. .(JavaScript must be enabled to view this email address)
Recently the New York Supreme Court ruled that the MTA Payroll Tax violated the New York Constitution.
The state has issued guidance on how to file a Protective Claim to ensure any MTA Taxes that were paid could be refunded if the ruling is upheld. These claims must be filed by November 2, 2012 to make sure the statue of limitations does not run out for the first period that this tax was enacted.
ProPayroll is prepared to file the Protective Claim on your behalf prior to the November 2nd deadline. If you would like us to proceed with filing the claim, please notify us before the end of the day on Monday October, 29th.
If you have any questions please do not hesitate to contact us at 561.243.4948 or .(JavaScript must be enabled to view this email address).
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