Your Guide to Holiday Bonuses & Gift Giving

christmas-xmas-gifts-presentsIf you are looking to pay your employees or contractors a Bonus for their outstanding performance, or as a gift, please read the link in this post. ADP has a very informative Blog going with some great tips. Click here to read what they have to say about Holiday Bonuses.

Latest Changes By The IRS For 2015


Here’s the latest on what’s changing for 2015:

1. Social Security wage base increase – The 2015 Social Security wage base has increased from $117,000 to $118,500.
2. Additional Medicare Tax – Wages in excess of $200,000 will continue to be subject to an extra 0.9% Medicare tax in 2015.
3. Credit reduction states – If you pay wages in a credit reduction state, they will pay more in federal unemployment tax (FUTA) when you file Form 940 for 2014. The following states are credit reduction states: CA, CT, IN, KY, NC, NY, OH. Visit the IRS website for more information.

Ready for Payroll Tax Season?

Intuit has put together their annual checklist for Employers and Payroll Processors that use Intuit Payroll.

December 2014
  • Dec 11, 2014 (Recommended): Check direct deposit submission and payroll dates.
  • Dec 29, 2014 5 PM (PT): Last date to submit direct deposit checks for 2014.
  • Before year end: Confirm each employee’s social security number, name, and address.
  • Before year end: Record all paychecks including handwritten, termination, unscheduled, commissions, and bonuses.
  • Before year end: Check your mail for SUI rate or deposit schedule notices. 
January 2015
  • Before first payroll: Update state unemployment insurance (SUI) rates effective Jan 1, 2015.
  • Before first payroll: Ask employees to submit new W-4 forms for status/withholding changes.
  • Before filing Form 940: Record all SUI payments.
  • Jan 31, 2015: Last date to distribute W-2s to employees and 1099-MISC forms to contractors.
  • Jan 31, 2015: File other federal forms including 940/941.
  • Due dates vary by state: File annual state forms. 
February 2015
  • Feb 28, 2015: Last date to file employees’ printed W-2s and contractor 1099-MISC forms with the agency.

If you are e-filing, W-2 forms are due by Apr 1, 2015 and 1099-MISC forms by Mar 31, 2015. In mid-March, start sending W-2 information in batches to the agency.


Checklist Courtesy of Intuit Online Payroll.