how you can become…. ^the taxinator · • social security tax wage base increase: 2016-maximum...

How you can become…. “The Taxinator”

Ken Fetzer

Nick Lehto

Alexis Yamashita

Dianey Anderson

tax@dominionpayroll.com

Next 4 hours:

Meet the Tax Team

Really Important Things to Know

Accidentally Fall Asleep

Casually Wake Back Up Without Anything Knowing

Taxinator Training

Meet The Team

Alexis Dianey

Ken Ryu

Nick

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%

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

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

• 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+)

• 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

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

• 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

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.

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

Year End Reports-can be found in Report Archive

• Employee W2 Preview

• Employee W2 Verification

• Exceptions • Employee level

• Year End Exceptions• Company level

Exceptions &Year End Exceptions

• Missing/invalid/duplicate SSNs• Missing/invalid Tax Ids• Negative Wages• Variances

Employee W2 Preview

• Displays the data that will print on the employee W2 form

Employee W2 Preview

Employee W2 Verification

• Name• Employee #• SSN• Birth Date• Term Date• Gender• Address

Employee W2 Verification

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:

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)

Quarterly Reports On-Demand• Quarterly Company Package• Form 941, State Returns, Deposit Confirmations, etc.

Questions?