HR PEO Blog
Wednesday, 28 March 2018 14:52

IRS Tax Withholding Calculator

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2018 brought several changes, a primary one being our tax law. As always, it’s important for you or your employees to understand the taxes being taken from their paycheck. It helps prevent an unanticipated tax bill when 2018 taxes are filed. The IRS has created a new W4 withholding calculator to assist taxpayers in calculating the correct amount of taxes for their paychecks. Interested? Follow the link below to use the IRS withholding calculator. 

https://www.irs.gov/individuals/irs-withholding-calculator 

Friday, 26 January 2018 14:19

Changes to Federal Tax Withholding for 2018

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The IRS recently released updates to the income-tax withholding tables for 2018. This change updates the 2018 tax tables in accordance with the tax reform legislation enacted at the end of the year (HR1). Employers should update their tables as soon as possible, but at least by February 15th.

The IRS states that the new law “makes a number of changes for 2018 that affect individual taxpayers. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.” The IRS is also working on revising the withholding tax calculator on their website to assist individuals in determining their withholding on the form W-4.

As a result of the table change, employees should generally see an increase in their take home pay. We have already seen increases to take home pay ranging from 1.5% to 2.5%. As a reminder, now might be a good time to increase your contribution to your 401k retirement plan. Adding an additional 1% to your retirement plan will likely result in a slight increase to your take home pay and an increase to your retirement account, resulting in a “win-win” scenario.

Additional information regarding the updated withholding tables can be found here: https://www.irs.gov/newsroom/updated-2018-withholding-tables-now-available-taxpayers-could-see-paycheck-changes-by-february
Friday, 15 December 2017 10:25

IRS Business Mileage Rate Increased for 2018

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On December 14, 2017, the Internal Revenue Service announced that the standard mileage rates for business will be increased for 2018.

 

For the year 2018, the optional standard mileage rate will be 54.5 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.

 

The rate for computing the deductible medical or moving costs have also increased to 18 cents per mile, however the rate for providing services for charitable organizations has remained unchanged at 14 cents per mile. For further information you can go to the IRS announcement at: https://www.irs.gov/newsroom/standard-mileage-rates-for-2018-up-from-rates-for-2017

Tuesday, 12 December 2017 14:56

Six Easy Ways to Avoid Identity Theft

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      There’s been a lot in the news lately about identity theft and data breaches; the Federal Trade Commission lists, Equifax, Yahoo and the IRS, just to name a few. Any of these breaches leaves your information open to criminals, also known as identity theft. However, information can also get into the wrong hands when cyber-attackers hack into your company network. So what can you do about it?


Tuesday, 12 December 2017 14:42

Company Holiday Parties: Fun or an HR Nightmare?

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The holiday season is upon us and this brings the inevitable company holiday party. It’s the one night a year that employees are able to let loose and have fun in a non-work setting. It’s a time of eggnog, gift giving, and joy… at least we hope so.

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