Monthly Archives: December 2010

Paper Tax Deposit Coupons – Going, Going, Gone

Posted on December 29, 2010 by Linda Silva

If you make payroll tax deposits for your small business at your bank using paper coupons you need to know that you will no longer be able to do so after December 31, 2010. Internal Revenue Service regulation (REG 153340-09) generally maintains existing rules for depositing federal taxes through the Electronic Federal Tax Payment System (EFTPS). The paper coupon system will no longer be maintained by the Treasury Department after Dec. 31, 2010.

Tagged with: bookkeeping, computer, Payroll, small business
Posted in Tax Articles, Tips & Tricks

New Social Security Tax Rate January 1, 2011

Posted on December 24, 2010 by Linda Silva

Congress just passed changes to the Federal Insurance Contributions Act (FICA) reducing the employee Social Security tax rate by two percentage points to 4.2%. Similarly, for self-employment income for tax years beginning in 2011, the Act reduces the Social Security tax rate under the Self Employment Contributions Act (SECA) tax by two percentage points to 10.4% percent. (Act Sec. 601)

Tagged with: bookkeeping, employee, employment, income, Payroll, payroll records, quickbooks, quickbooks payroll, small business, social security, software
Posted in Payroll, QuickBooks

What to do with Unclaimed Paychecks

Posted on December 24, 2010 by Linda Silva

Employers must make a reasonable effort to contact an employee to prevent wages from being abandoned and remain liable for unclaimed wages until paid or turned over to the state. Why the state?

Tagged with: employee, Payroll, payroll records, Texas Comptroller of Public Accounts, Texas tax laws
Posted in Payroll, Tips & Tricks