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Payroll Management Guide
  • Interest rates remain the same in the third quarter of 2018
  • Colorado Governor signs order to improve pay issues in the construction industry
  • IRS issues 2019 draft Form W-4 plus instructions
  • New Mexico issues withholding tables for 2018
Unemployment Insurance Reports with Social Security
  • SSA removes age 72 rules as obsolete; rescinds pertinent SSRs
  • Social Security combined trust fund reserves depletion year remains 2034


Payroll Management Guide

Interest rates remain the same in the third quarter of 2018

The IRS has announced that interest rates will remain the same for the calendar quarter beginning July 1, 2018. The interest rates will be 5% for overpayments (4% in the case of a corporation) and underpayments, 7% for large corporate underpayments and 2.5% for the portion of a corporate overpayment exceeding $10,000. The interest rates are computed by using the federal short-term rate based on daily compounding determined during April 2018. The rate of interest is determined on a quarterly basis. (Rev. Rul. 2018-18, IR-2018-136, IRB 2018-26, June 25, 2018.)

        (Read Intelliconnect) »

Colorado Governor signs order to improve pay issues in the construction industry

Colorado Governor John Hickenlooper signed Executive Order B 2018 003 on June 5 to create a joint task force including employer and employee groups to better address payroll and worker misclassification in Colorado's construction industry.

        (Read Intelliconnect) »

IRS issues 2019 draft Form W-4 plus instructions

The IRS has issued a 2019 draft of Form W-4 plus instructions. Early release drafts are at IRS.gov/DraftForms, and may remain there even after the final release is posted at IRS.gov/LatestForms. Comments can be submitted to WI.W4.Comments@IRS.gov. Changes to Form W-4. The 2019 Form W-4 has new lines and withholding is calculated in a different way from previous Forms W-4. It is designed to give you more accurate withholding from your pay. The Form W-4 instructions are now separate and have more information to help figure adjustments to withholding. These instructions expand on the Summary of the Instructions on the back (page 2) of Form W-4. Additional instructions for employers. Instructions for figuring withholding from the 2019 Form W-4 have been.

        (Read Intelliconnect) »

New Mexico issues withholding tables for 2018

New Mexico has issued withholding tables for wages paid on and after January 1, 2018. The tables were revised due to the changes in federal law. State income tax liability was not reduced based on the number of personal exemptions claimed by a taxpayer. Although the standard deduction amount was increased for all taxpayers, tax liability will likely increase for households with 2 or more dependents. The withholding tables have been updated to reflect the changes by limiting the withholding allowance deducted from wages to no more than three allowances. Employees with more than three allowances may see an increase in their withholding tax as a result of the changes to federal law. Even after these changes, there is an increased likelihood that such households will be under-withheld for state income tax purposes. The annual exemption amount is $4,150. The supplemental wage rate remains 4.9%. (New Mexico Taxation and Revenue Department, FYI-104, New Mexico Withholding Tax Effective January 1, 2018 (Rev. 5-18).)

        (Read Intelliconnect) »

Unemployment Insurance Reports with Social Security

SSA removes age 72 rules as obsolete; rescinds pertinent SSRs

The SSA is removing from the Code of Federal Regulations (CFR) its "Special Payments at Age 72"' rules because they are obsolete. The agency is removing these rules in accordance with the requirements of Executive Order 13777. The removal became effective on May 10, 2018. The SSA is removing these rules from the CFR because they are obsolete and no longer necessary. The agency is also revising other sections in the CFR to remove references to special age 72 payments. There are no individuals who currently receive these payments, and no individuals will become entitled to these payments in the future.

        (Read Intelliconnect) »

Social Security combined trust fund reserves depletion year remains 2034

The Social Security Board of Trustees recently released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year, with 79 percent of benefits payable at that time.

        (Read Intelliconnect) »




Payroll Resources from Wolters Kluwer
About this Newsletter

Payroll and Unemployment Insurance NetNews is a current summary of federal and state employment laws and regulations, compliance issues, and other topics related to proper handling of day to day workplace matters. This timely information comes from the Payroll Management Guide and Unemployment Insurance Reporter with Social Security.

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