If you are currently taking advantage of the Work Opportunity Tax Credit (WOTC) or would like to further expand this credit opportunity, your payroll system’s onboarding process may be the key to unlocking even more significant financial and operational benefits. A reliable payroll system can also help streamline the overall process of collecting your WOTC […]
A Texas federal court overturned a U.S. Department of Labor (DOL) rule that raised the minimum salary required to be paid to most employees classified as exempt from overtime and minimum wage requirements. The court’s decision, that has a nationwide effect, invalidates the DOL’s final rule that put in place a salary level increase on […]
As the calendar year draws to a close, business owners and human resources teams find themselves immersed in the complexities of year-end payroll processing. Navigating this crucial aspect of business management requires careful attention to detail, compliance with regulations and strategic planning. Highlighted below are key steps and considerations to make your year-end payroll process […]
The Social Security Administration (SSA) recently announced an increase in the wage base subject to Social Security tax for 2025. Starting Jan. 1, 2025, the maximum taxable earnings for Social Security will rise from $168,600 in 2024 to $176,100, which is an increase of $7,500. This adjustment reflects the cost-of-living increase tied to inflation and […]
Employees can contribute even more to their 401(k) plans in the upcoming year. Adjusted for the cost of living, effective Jan. 1, 2025, employees can contribute up to $23,500 into their 401(k) and 403(b) plans, most 457 plans and the Thrift Savings Plan for federal employees. This is a $500 jump from the $23,000 limit […]
Payroll record keeping is important for every business, regardless of its employee size. But with all the forms, documents and regulatory agencies’ requirements, it can quickly become overwhelming for most employers. To avoid regulatory and legal scrutiny, it must be made a priority. Federal Requirements First, it’s imperative an employer comply with the federal Fair […]
The IRS released its annual inflation adjustment to the percentage-of-household income used to determine whether an employer offers affordable health care coverage under the Affordable Care Act (ACA). For plan years beginning in 2025, the percentage-of-household income increases to 9.02%. The household income percentage for plans beginning in 2024 was 8.39%. After three years of […]
Michigan’s minimum wage is set to increase twice in 2025. The first increase will take effect on Jan. 1, 2025, as part of the standard annual adjustment. A second increase will follow on Feb. 21, 2025, in response to a recent Michigan Supreme Court ruling regarding the Improved Workforce Opportunity Wage Act. From Jan. 1 […]
A general ledger is a recordkeeping tool employers use to document the total expense of payroll. It tracks any transaction that originates in the payroll department, including payments made to employees, independent contractors and other business entities. What Are General Ledgers Used For? The primary function of a general ledger is to organize and determine […]
It’s no secret the Employee Retention Credit (ERC) has been a pain point for the IRS due to the tremendous amount of improper claims received, causing the organization to put a moratorium on processing ERC claims in 2023. However, the IRS recently announced it will resume processing ERC claims filed between Sept. 14, 2023, and […]
