Resource Center

Payroll Tax Extension Passes, Awaiting President's Signature

Wed, 22 Feb 2012 10:00:00 -0500

On February 17, 2012, the House and Senate approved legislation to extend the payroll tax holiday for employees through the end of 2012.

If signed by the president the employee social security rate will remain at 4.2% through December 31, 2012. Paycor has updated their processing to reflect the tax rate remaining at 4.2% for remainder of 2012.

We will continue to closely monitor the payroll tax holiday legislation and will relay any additional updates as we approach 2013. If you have any questions, please contact your payroll specialist.

Register Now for a Free Electronic Child Support Webinar

Thu, 16 Feb 2012 08:00:00 -0500

Paycor is hosting two webinars in February that will teach you how you can reduce administrative hassle through Electronic Child Support Service. Register now to attend a webinar on February 22 at 10:00 a.m. EST or February 23 at 2 p.m. EST.

During this webinar you will learn:

Employer obligations when employees receive an Income Withholding Order.
Which states have mandated electronic payments for certain employers.
How to set up child support deductions to ensure an employee is fulfilling their obligations.
Ways to ensure child support deductions are paid timely and electronically.

Georgia Reform Bill Takes Effect Immediately

Wed, 08 Feb 2012 00:00:00 -0500

Georgia employers now have the authority to file garnishment requests through authorized personnel. On Tuesday, February 7, 2012, Georgia Governor, Nathan Deal, signed into law HB 683. This bill removes the unnecessary regulation of allowing only attorneys to respond to Georgia garnishments.

To read more, click here.

Understanding USERRA: A Quick Guide

Wed, 08 Feb 2012 00:00:00 -0500

It’s important for employers to understand the legal responsibilities of companies who employ individuals who have fought for our country. The Uniformed Services Employment and Reemployment Rights Act (USERRA) is a federal law that prohibits discrimination of employees or applicants due to their military service.

USERRA is a very detailed and complex law that covers many aspects of a service member’s employment with an organization. We have summarized the key points for you:

It is illegal to discriminate an employee on hiring, retention, promotion, reemployment or benefits based on involvement in military service.
Employers must offer up to 24 months of continuous health plan coverage to service members once they begin their military leave.
An employee on military leave must receive the highest level of benefits provided to employees who take other types of leave.
An employee’s obligation to the uniformed service trumps the obligation to the employer.

USERRA also outlines that the uniformed service is a super protected class. While there are many protected classes in the United States, the uniformed service receives extra, unique benefits through USERRA. These benefits include the following:

USERRA applies to all employers, even an employer of just one employee.
There is no deadline for a service member to file a lawsuit against a company because of a discriminatory act based on their service.
Service members who are 40 years and older are covered under USERRA and the Age Discrimination in Employment Act.

Please visit the Department of Labor’s information guide of USERRA to learn more.

IRS Releases Publication 15-A

Wed, 08 Feb 2012 00:00:00 -0500

The IRS has released the 2012 Publication 15-A, which is a supplement to Publication 15 (Circular E) released in mid-January. This publication includes specialized and comprehensive employment tax information which supplements the basic information provided in Publication 15.

In January, Publication 15 officially announced the Medicare and Social Security tax for 2012. The Medicare tax rate is unchanged at 1.45%. The employee tax rate for Social Security is 4.2% on wages and tips received before March 1, 2012. The employer rate remains the same as it was in 2011, at 6.2%. The taxable wage base limit is $110,100.

Click here to view the 2012 Publication 15-A (Circular E).

February 2012 Product Webinars

Thu, 02 Feb 2012 00:00:00 -0500

Paycor will host 4 free, 30-minute webinars in February that will walk you through several products and services that can make your job easier. Read below to register.

Create 5 Key Reports with Custom Web Reporting
Paycor’s newest reporting tool, Custom Web Reporting, helps you ditch the paper reports and create customizable payroll reports online with only the data you need, when you need it. During this insightful meeting you will learn how to create reports on new hires, 401k, workers’ compensation, employee benefits, and overtime.

Time Is Money. Save Both With ReadyClock
Find out how ReadyClock, Paycor’s simple web-based time keeping solution, allows managers easy access to verify hours, find errors, correct mistakes and load the data directly into payroll.

If you have any questions or would like a personal demo or a pre-recorded webinar, please email Client Sales.

Payroll and HR Compliance – January 2012 in Review

Tue, 31 Jan 2012 12:00:00 -0500

Check out our Payroll and Tax Deductions Cheat Sheet
Looking for an easy and shareable way to explain payroll and tax deductions to your employees? Share our simple payroll and tax deductions infographic with your employees so they can better understand what is being withheld from their paycheck.

2012 Tax Compliance Webinar
Paycor has recorded a 15 minute webinar which will walk you through the 2012 tax compliance changes in payroll for the upcoming year.

IRS Releases 2012 Publication 15 (Circular E)
The Employer’s Tax Guide, or Publication 15, is now available for use in 2012. Also known as Circular E, the publication offers basic employment tax information to help small business owners.

IRS Releases Additional Guidance on Interim Health Care Reporting
The IRS has responded to comments and released changes on reporting the cost of the employer-sponsored group health plan coverage to employees, which is required under the Patient Protection and Affordable Care Act of 2010.

Paycor Announces Contest for Free 3D TV, Kindle Fire, and iPod Touch
Are you hoping to start the New Year with improvements for you and your business? Paycor is introducing a fun way for clients to learn how they can improve their business while giving them a chance to win a 3D TV and more! Click here to learn how you can enter and win!

IRS Announces April 17 to be Tax Return Due Date
The IRS is extending the 2011 tax-filing deadline for taxpayers until Tuesday, April 17. Therefore, taxpayers will have two extra days to file their 2011 tax returns and pay any tax due.

New Enhancements Made to Paycor Products
Driven by feedback from our clients, we have made enhancements to Custom Web Reporting and HR Performer.

IRS Releases Key Points about Tip Income
Do any of your employees receive compensation through tips? If so, the IRS has outlined four key points which will help you in the upcoming year. Click here to read more.

Payroll and Tax Deductions Guide Released

Thu, 26 Jan 2012 00:00:00 -0500

Tax and payroll laws are constantly changing, and it can be a challenge to keep up. That is why, at Paycor, we have a team dedicated to keeping track of these changes.

With this challenge in mind, Paycor has released an infographic that details the six common payroll deductions for the American worker: federal income tax, Social Security, Medicare, state income tax (if applicable), wage garnishments and other deductions.

“As a payroll or HR specialist, having a complete and readable reference guide for payroll and tax deductions at your fingertips is a valuable resource," said Karen Crone, Chief Human Resources Officer for Paycor. "This infographic explains a complex and heavily regulated topic in a way that’s easily understood.”

Many American workers are unaware of the details of their payroll deductions, which can prevent them from pointing out any paycheck errors. Here are some main points about common deductions:

Federal income tax brackets range from 10 to 35 percent, depending on an employee’s amount of taxable income.
Self-employed workers pay higher contribution rates for Social Security and Medicare, while employees at companies split these contributions with their employer.
State taxes range considerably depending on where you live. Nine states don’t collect income taxes, while other states collect incremental tax rates as high as 11 percent.
If an employee has debt problems, employers can be instructed to withhold a specified amount from the employee’s paycheck. Both state and federal laws can come into play with such wage garnishments and assignments.
Other payroll deductions include cafeteria plans, Health Savings Accounts or Flexible Spending Accounts, standard health or dental deductions, dependent care, uniform and charity.

Click here to view and share the payroll and tax deductions guide.

IRS Releases Key Points about Tip Income

Mon, 23 Jan 2012 00:00:00 -0500

Do any of your employees receive compensation through tips?

If so, the IRS has outlined four key points which will help you in the upcoming year. These brief points will help you stay organized and on track for proper reporting and recordkeeping in 2012. The four tips the IRS addresses are:

Tips are Taxable
Include Tips on Your Tax Return
Report Tips to Your Employer
Keep a Running Daily Log of Your Income

Click here to read more about these four tips from the IRS regarding tip income.

If you have any questions contact your Paycor payroll specialist.

2012 Publication 15 (Circular E) Released by the IRS

Mon, 16 Jan 2012 00:00:00 -0500

The Employer’s Tax Guide, or Publication 15, is now available for use in 2012. It is also known as Circular E. The publication offers basic employment tax information to help the needs of small business employers. There are not significant changes to the 2012 publication.

Publication 15 officially announces the Social Security and Medicare tax for 2012. The employee tax rate for Social Security is 4.2% on wages and tips received before March 1, 2012. The employer rate will remain unchanged at 6.2%. The taxable wage base limit is $110,100. The Medicare tax rate will stay the same as it was in 2011, 1.45%.

Publication 15 also includes the updated 2012 Percentage Method Tables and Wage Bracket Tables for Income Tax Withholding. Some other notable changes are VOW to Hire Heroes Act of 2011, FUTA tax rate and specifics for Form 941, 940 and 944 filers.

To view the 2012 Publication 15, click here.