Payroll Tax Benefits

The Florida minimum wage is $7.31 per hour, effective June 1, 2011.The annual calculation is based on the percentage change in the federal  Consumer Price Index for urban wage earners and clerical workers in the South Region for the 12-month period prior to September 1, 2010. The minimum wage applies to all employees in the state who are covered by the federal minimum wage. Employers must pay their employees the hourly state minimum wage for all hours worked in Florida.  The definitions of "employer", "employee", and "wage" for state purposes are the same as those established under the federal Fair Labor Standards ...

Intuit has recently added a new and improved features for 2011 that you may find useful for payroll users. 1. Setting up Direct Deposits for Vendors This new feature will save you time, as you will no longer need to print and mail checks to your independent contractors. This feature also allows you to more efficiently track your money. 2. Automatically submitting Intuit 401(k) contributions with payroll If your business uses Intuit 401(k), you can now automatically submit your employees’ 401(k) contribution amounts when you run ...

A crucial filing deadline of Oct. 15 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked.  Nonprofit organizations that are at risk can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program. The Pension Protection Act of 2006 mandates that most tax-exempt organizations must file an annual return or submit an electronic notice, with the IRS and it also requires that any tax-exempt organization that fails to file for three consecutive years automatically loses its ...

The Internal Revenue Service released a draft version of the form 8941 that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations –– which do not generally file income tax returns –– will claim the credit during the 2011 filing season.Both small businesses and tax-exempt organizations will use the form to calculate the credit. A small ...

Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers WASHINGTON — Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today. Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. ...