YEAR END UPDATES
President signs omnibus tax bill with payroll provisions on December 15, 2015. To read more, go to Members Only>Presentations.
The IRS has released the 2016 mileage rates. They are as follows:
- 54 cents per mile for business miles driven, down from 57.5 cents for 2015
- 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
- 14 cents per mile driven in service of charitable organizations
The IRS has released the 2016 versions of the
Form W-2 https://www.irs.gov/pub/irs-pdf/fw2.pdf and Form W-4 https://www.irs.gov/pub/irs-pdf/fw4.pdf. There are no changes from the draft forms discussed in the webinar.
The IRS has released the 2016 withholding tables. This includes the percentage method table and the table used for nonresident aliens. Please refer to IRS Notice 1036 for the details. This notice can be found on the IRS website at: https://www.irs.gov/pub/irs-pdf/n1036.pdf . The supplemental tax rates will remain the same for 2016. The rates for social security, Medicare, and the Additional Medicare tax will remain the same. The wage limit for the Additional Medicare Tax will remain $200,000.
IRS has released the 2015 Form 940 and Schedule A. Both are available on the IRS website
Form 940: https://www.irs.gov/pub/irs-pdf/f940.pdf
Schedule A: https://www.irs.gov/pub/irs-pdf/f940sa.pdf
**A follow up to the November 5 meeting: Here are the FUTA Credit Reduction States for 2015:
The Department of Labor (DOL) has announced that the following three states and one territory will pay higher FUTA taxes for calendar year 2015 because of the failure to repay their outstanding loans by November 10, 2015:
California: FUTA credit reduction rate is 1.5%; adjusted FUTA rate is 2.1%
Connecticut: FUTA credit reduction rate is 2.1%; adjusted FUTA rate is 2.7%
Ohio: FUTA credit reduction rate is 1.5%; adjusted FUTA rate is 2.1%
Virgin Islands: FUTA credit reduction rate is 1.5%; adjusted FUTA rate is 2.1%
**A follow up to the November 5 meeting: Here is the link to the 2016 Publication 1494 Exempt from Levy chart as promised.**
**The power point presentation and follow up to our Q & A from the Oct 8 meeting on the ACA is now available under the Members Only section**
Isn't it time you become a CPP?
Beginning in February 2016,we will be holding another CPP Study Group! The last two sessions have been wildly successful with a 95% passer rating! Isn't it time you put CPP behind your name?
CPP Instructors are also needed! We welcome newly certified and those who have been certified and recertified for a while! We use the the Payroll Source as our guide for the exam, as well as supplemental materials provided by the course coordinator.
We need leaders to review the following materials: -Employee/Employer Relationship -Federal Wage & Hour Law -Taxable & Non-Taxable Compensation -Health, Accident, Retirement & other Deductions from pay -Paying the Employee & Payroll for US Employees Abroad -Unemployment Insurance, Record keeping, & Payroll Accounting -Withholding, Depositing, & Reporting Taxes -Payroll Systems & Technology and Managing a Payroll Department For more information , to register for the class or to become an instructor, please contact Emily Tietyen at 920-465-4278 or Emily.firstname.lastname@example.org.
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The Northeast Wisconsin Payroll Chapter is affiliated with American Payroll Institute, Inc. (dba American Payroll Association) but is an autonomous and independent organization. American Payroll Institute, Inc. is not responsible for the liabilities, statements, or activities of any of its affiliated chapters.