how you can become…. ^the taxinator · • social security tax wage base increase: 2016-maximum...
TRANSCRIPT
How you can become…. “The Taxinator”
Ken Fetzer
Nick Lehto
Alexis Yamashita
Dianey Anderson
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?