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05/17/2024

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Each employer shall preserve for at least three years payroll records, collective bargaining agreements, sales and purch...
01/14/2024

Each employer shall preserve for at least three years payroll records, collective bargaining agreements, sales and purchase records. Records on which wage computations are based should be retained for two years, i.e., time cards and piece work tickets, wage rate tables, work and time schedules, and records of additions to or deductions from wages. These records must be open for inspection by the Division's representatives, who may ask the employer to make extensions, computations, or transcriptions. The records may be kept at the place of employment or in a central records office.

What About Timekeeping: Employers may use any timekeeping method they choose. For example, they may use a time clock, have a timekeeper keep track of employee's work hours, or tell their workers to write their own times on the records. Any timekeeping plan is acceptable as long as it is complete and accurate.

https://www.dol.gov/agencies/whd/fact-sheets/21-flsa-recordkeeping

The following is a listing of the basic records that an employer must maintain:-Employee's full name and social security...
01/13/2024

The following is a listing of the basic records that an employer must maintain:

-Employee's full name and social security number.
-Address, including zip code.
-Birth date, if younger than 19.
-S*x and occupation.
-Time and day of week when employee's workweek begins.
-Hours worked each day.
-Total hours worked each workweek.
-Basis on which employee's wages are paid (e.g., "$9 per hour", "$440 a week", "piecework")
-Regular hourly pay rate.
-Total daily or weekly straight-time earnings.
-Total overtime earnings for the workweek.
-All additions to or deductions from the employee's wages.
-Total wages paid each pay period.
-Date of payment and the pay period covered by the payment.

Using the Form W-4, employees provide employers with amounts to increase or decrease the amount of taxes withheld and am...
01/12/2024

Using the Form W-4, employees provide employers with amounts to increase or decrease the amount of taxes withheld and amounts to increase or decrease the amount of wage income subject to income tax withholding.

Form W-4 contains 5 steps. Every Form W-4 employers receive from an employee in 2020 or later should show a completed Step 1 (name, address, social security number (SSN), and filing status) and a dated signature in Step 5. Employees complete Steps 2, 3, and/or 4 only if relevant to their personal situations. Steps 2, 3, and 4 show adjustments that affect withholding calculations.

For employees who don’t complete any steps other than Step 1 and Step 5, employers withhold the amount based on the filing status, wage amounts, and payroll period.

For employees completing one or more of Steps 2, 3, and/or 4 on Form W-4, adjustments are as follows.

Step 2. If the employee checks the box in Step 2, the employer figures withholding from the “Form W-4, Step 2, Checkbox” column in the Percentage Method or Wage Bracket Method tables. This results in higher withholding for the employee. If the employee chooses the other option from this step, the higher withholding is included with any other additional tax amounts per pay period in Step 4(c).
Step 3. Employers use the amount on this line as an annual reduction in the amount of withholding. Employers should use the amount that the employee entered as the total in Step 3 of Form W-4 even if it is not equal to the sum of any amounts entered on the left in Step 3 because the total may take into account other tax credits. If the Step 3 total is blank, but there are amounts entered on one or two of the left lines in Step 3, the employer may ask the employee if leaving the line blank was intentional.
Steps 4(a) and 4(b). Employers increase the annual amount of wages subject to income tax withholding by the annual amount shown in Step 4(a) and reduce the annual amount of wages subject to income tax withholding by the annual amount shown in Step 4(b).
Step 4(c). Employers will increase withholding by the per pay period tax amount in Step 4(c).

TAS (Taxpayer Advocate Service) is an independent organization within the IRS that helps taxpayers and protects taxpayer...
01/11/2024

TAS (Taxpayer Advocate Service) is an independent organization within the IRS that helps taxpayers and protects taxpayer rights. Their job is to ensure that every taxpayer is treated fairly and that you know and understand your rights under the Taxpayer Bill of Rights.

If you pay sick pay to your employee, you must generally withhold employee social security and Medicare taxes from the s...
01/10/2024

If you pay sick pay to your employee, you must generally withhold employee social security and Medicare taxes from the sick pay. You must timely deposit employee and employer social security and Medicare taxes, and FUTA tax. There are no special deposit rules for sick pay.

Amounts not subject to social security, Medicare, or FUTA taxes. The following payments, whether made by the employer or a third party, aren't subject to social security, Medicare, or FUTA taxes (different rules apply to federal income tax withholding).

Payments after an employee's death or disability retirement.

Payments after calendar year of employee's death.

Payments to an employee entitled to disability insurance benefits.

Payments that exceed the applicable wage base.

Payments after 6 months absence from work.

Payments attributable to employee contributions.

Sick pay doesn't include the following payments.Disability retirement payments. Disability retirement payments aren't si...
01/09/2024

Sick pay doesn't include the following payments.

Disability retirement payments. Disability retirement payments aren't sick pay and aren't discussed in this section. Those payments are subject to the rules for federal income tax withholding from pensions and annuities.

Workers' compensation. Payments because of a work-related injury or sickness that are made under a workers' compensation law aren't sick pay and aren't subject to employment taxes.

Payments in the nature of workers' compensation—public employees. State and local government employees, such as police officers and firefighters, sometimes receive payments due to an injury in the line of duty under a statute that isn't the general workers' compensation law of a state. If the statute limits benefits to work-related injuries or sickness and doesn't base payments on the employee's age, length of service, or prior contributions, the statute is “in the nature of” a workers' compensation law. Payments under a statute in the nature of a workers' compensation law aren't sick pay and aren't subject to employment taxes.

Medical expense payments. Payments under a definite plan or system for medical and hospitalization expenses, or for insurance covering these expenses, aren't sick pay and aren't subject to employment taxes.

Payments unrelated to absence from work. Accident or health insurance payments unrelated to absence from work aren't sick pay and aren't subject to employment taxes. These include payments for:
-Permanent loss of a member or function of the body,
-Permanent loss of the use of a member or function of the body, or
-Permanent disfigurement of the body.

Sick pay generally means any amount paid under a plan because of an employee's temporary absence from work due to injury...
01/08/2024

Sick pay generally means any amount paid under a plan because of an employee's temporary absence from work due to injury, sickness, or disability. It may be paid by either the employer or a third party, such as an insurance company. Sick pay includes both short- and long-term benefits. It is often expressed as a percentage of the employee's regular wages.

In general, if an employer lends an employee more than $10,000 at an interest rate less than the current applicable fede...
01/07/2024

In general, if an employer lends an employee more than $10,000 at an interest rate less than the current applicable federal rate (AFR), the difference between the interest paid and the interest that would be paid under the AFR is considered additional compensation to the employee. This rule applies to a loan of $10,000 or less if one of its principal purposes is the avoidance of federal tax.

This additional compensation to the employee is subject to social security, Medicare, and FUTA taxes, but not to federal income tax withholding. Include it in compensation on Form W-2 (or Form 1099-NEC for an independent contractor). The AFR is established monthly and published by the IRS each month in the Internal Revenue Bulletin. You can get these rates by going to IRS.gov and entering “AFR” in the search box.

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