how you can become…. ^the taxinator · • social security tax wage base increase: 2016-maximum...
TRANSCRIPT
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How you can become…. “The Taxinator”
Ken Fetzer
Nick Lehto
Alexis Yamashita
Dianey Anderson
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Next 4 hours:
Meet the Tax Team
Really Important Things to Know
Accidentally Fall Asleep
Casually Wake Back Up Without Anything Knowing
Taxinator Training
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Meet The Team
Alexis Dianey
Ken Ryu
Nick
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Notable Statistics
In 2015, DPS paid out 650 Million $$$
99 cents of every tax dollar is paid electronically
File taxes in 49 states. (Alaska)
eFile Return Ratio over 80%
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Really Important Things to KnowNovember 17th – Go back to the office and audit employee records
December 30th – Last day to process 2016 payrolls
January 16th – W2s start being delivered
January 26th – W2s received no later than this date
January 30th – W2s become available in Employee Self Service (ESS)
January 31st – Deadline to distribute W2s to your employees
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Most Common Problems
• Fringe Benefits reported late
• 3rd Party Sick Pay
• Incorrect SSN
• Employee in the wrong state
How to Avoid
Gather this info ASAP
Send disability info ASAP
Tell Employees to check
Audit Employee Records
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• Social Security Tax Wage Base increase: 2016-maximum is $118,500
2017-maximum is $127,200
Tax Updates for 2017
• Simple IRA contribution limits:2016-$12,500 with catch-up of $3,000 (ages 50+)2017-$12,500 with catch-up of $3,000 (ages 50+)
• 401k contribution limits:2016-$18,000 with catch-up of $6,000(ages 50+)2017-$18,000 with catch-up of $6,000(ages 50+)
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• FICA Social Security will remain at 6.2%.
• Medicare tax rate 1.45% up to $200,000.
• For wages over $200,000, add an additional 0.9%. (Total=2.35%)
• Employee Portion only.
Social Security & Medicare
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3rd Party Sick Pay
• DPS will be issuing the 3rd Party Sick Pay W2
• Problem: • Both DPS and the Insurance company issues the 3rd Party
Sick Pay W2
• Please contact your Insurance company and confirm that they are not issuing the 3rd Party Sick Pay W2
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• Only if you filed 250+ W2s in 2015• Year End Reports On-Demand/Form W3 Transmittal
• Total Premiums Paid (Employee + Employer)• Box 12, Code “DD”• January 13th, 2017
Healthcare Reporting
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Tax Fun Facts
Super Weird Taxes• Sliced Bagel Tax – New York City• Crack Tax – Tennessee collected $1.5 Million from this tax in 2006• Flush Tax – If it’s yellow, let it mellow!• Sex Tax – If you employ nude workers, you pay an extra 10% in Utah.
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Benefits of becoming
a Taxinator: Movie Theater discounts
Free admission at National Parks
Natural Aphrodisiac
Admiration from peers
Your kids will love you more
Taxinator Training
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Year End Reports-can be found in Report Archive
• Employee W2 Preview
• Employee W2 Verification
• Exceptions • Employee level
• Year End Exceptions• Company level
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Exceptions &Year End Exceptions
• Missing/invalid/duplicate SSNs• Missing/invalid Tax Ids• Negative Wages• Variances
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Employee W2 Preview
• Displays the data that will print on the employee W2 form
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Employee W2 Preview
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Employee W2 Verification
• Name• Employee #• SSN• Birth Date• Term Date• Gender• Address
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Employee W2 Verification
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How iSolved Taxes Work
-Zip code determines GeoCode-GeoCode determines Resident Location
Work Location
1) Resident Location2) Work Location
Taxes are driven off of the combination of:
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How iSolved Taxes Work
Choose jurisdiction to ensure local
taxes are setup correctly
• Delaware (Wilmington)• Kentucky (many)• Missouri (Kansas City & St.Louis)• New York (NYC & Yonkers)• Ohio (many)• Pennsylvania (many)• West Virginia (Charleston & Huntington)
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Quarterly Reports On-Demand• Quarterly Company Package• Form 941, State Returns, Deposit Confirmations, etc.
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Questions?