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The interest rate is 3% on unpaid Missouri taxes for calendar year 2010. The interest rate is 5% on unpaid taxes for calendar year 2009. The rate is set annually by the Director of Revenue and is based on the adjusted gross prime rate charged by commercial banks. (Statutory Interest Rates, Missouri Department of Revenue, November 2009.)
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The Minnesota Department of Revenue has updated Withholding Fact Sheet 15, "A Step-by-Step Guide to Paying Electronically," which details the procedure for paying Minnesota's personal income withholding tax electronically over the Internet using e-File Minnesota. The fact sheet also addresses cancelling a payment over the Internet and paying by phone. (Withholding Tax Fact Sheet No. 15, Minnesota Department of Revenue, October 2009.)
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The IRS has released an advance set of federal percentage method, earned income percentage method, and pension withholding tables, which are effective for wages paid on and after January 1, 2010. The value of one withholding allowance on an annual basis remains $3,650. The chart below shows the value of up to 10 allowances for various payroll periods. All of the withholding tables will be reproduced in the CCH PAYROLL MANAGEMENT GUIDE on CD Rom/Internet in a future release at ¶12 through ¶21, ¶25, and ¶107. Note that the maximum amount of the earned income tax credit, which may be paid in advance by an employer, will be $1,830. The IRS has also posted the tables at http://www.irs.ustreas.gov/pub/irs-pdf/ (IRS Notice 1036, November, 2009.)
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The House and Senate have passed, and the President has signed, the Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548). Among other things, the bill extends the FUTA surtax and delays a scheduled decrease. The House passed their previous version, the Unemployment Compensation Extension Act of 2009 (H.R. 3548) (See CCH PAYROLL MANAGEMENT GUIDE Report Letter 2114, dated September 29, 2009), on September 22, 2009.
The bill extends from 2009 through 2010 and the first 6 months of 2011, the 6.2% surtax on employers imposed under the Federal Unemployment Tax Act (FUTA). It also delays a scheduled 2010 decrease from 6.2% to 6% through 2011. The change is effective for wages paid after December 31, 2009.
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Unemployment Insurance Reporter with Social Security provides in-depth coverage of federal and state laws and regulations, including Unemployment Insurance, Social Security, Supplemental Security Income, and Disability. With all the facts and data about taxes and benefits under major subject categories, and expert “plain English” explanations, analyses and indexes, there is no other product that offers the same scope of coverage.
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