WOTC Look-Back Period Extended

WOTC Look-Back Period Extended

The IRS announced last week that businesses that qualify for the Work Opportunity Tax Credit (WOTC) can continue to claim credits until August 31, 2016 for employees hired on or after January 1, 2015. This look-back period had expired on May 31st, but a recent notice...
How to Determine the True Cost of an Employee

How to Determine the True Cost of an Employee

If your business is interested in cost analysis, bidding jobs, or pro forma financial statements, you need to know how to determine the true cost of an employee. Calculating the true cost of an employee is more complex than most people realize. First, you need to...
Rules for Distributing W-2s

Rules for Distributing W-2s

It’s usually during this month that employers have some employees asking about when they will receive their W-2s. Here is a brief overview of the rules for distributing W-2s to your employees. Employers must report all wages earned by employees to the Social...

Social Security Wage Base for 2016

Yesterday the Social Security Administration (SSA) announced that the Social Security wage base for 2016 will remain the same as 2015 – $118,500. Two other items remain unchanged from this year: all covered wages are still subject to the 1.45% Medicare tax, and...

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