Business FAQ s

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How do we apply for a Federal Employer Identification Number?
How do we verify Social Security Numbers for employees?
How do we apply for a Vendor's License?
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Where can we find Employee Hiring Forms and Information?
    Form W-4 for employees            
    Form I-9, Employment Eligability Verification
    Ohio New Hire Reporting form
    Ohio IT-4 form    

   Independent Contractor or Employee?
    Form W-9 for independent contractors  
    Form SS-8 for determination of worker status (employee or independent contractor)


What is the current social security wage base?
    2011 - $106,800
    2012 - $110,100
    2013 - $113,700

What is the current FUTA and OHIO unemployment tax wage base?
    FUTA Wage base is $7000 
    SUTA Wage base is $9000
    These wage bases have been the same for years
   

What are the Qualified retirement plan contribution limits?
  2012 Contribution Limits
    $17,000 or $22,500 if over age 50 for 401k plans.
    $5,000 or $6,000 if over age 50 for IRAs.
    $11,500 or $14,000 if over age 50 for SIMPLE plan deferrals.
    Contribution limits for defined contribution plans is $50,000.
    Annual comp limit used to determine contributions is $250,000.
    Defined benefit plan annual benefit ceiling is $200,000. 

  2013 Contribution Limits
    $17,500 or $23,000 if over age 50 for 401k plans.
    $5,500 or $6,500 if over age 50 for IRAs.
    $12,000 or $14,500 if over age 50 for SIMPLE plan deferrals.
    Contribution limits for defined contribution plans is $51,000.
    Annual comp limit used to determine contributions is $255,000.
    Defined benefit plan annual benefit ceiling is $205,000.  


What are the contribution limits for Health Savings Accounts?
       2012   Individual - $3,100    Family - $6,250  add $1,000 if age 55 or over
       2013   Individual - $3,250    Family - $6,450  add $1,000 if age 55 or over  
 

What are the allowable IRS standard mileage rates?
     2012 mileage rates are 55.5 cents per mile for business,  23 cents
      per mile for medical and 14 cents per mile for charity.

     2013 mileage rates are 56.5 cents per mile for business,  24 cents
      per mile for medical and 14 cents per mile for charity.


What are the Personal Exemption amounts?
    2011 - $3,700
    2012 - $3,800


What is the SUMMIT COUNTY SALES AND USE TAX RATE?
     effective July 1, 2003       6.25%  old rate    
     effective July 1, 2008       6.50%  old rate
     effective Sept1, 2013       6.75%  new rate


What is the prime rate?
    3.25%  effective Dec 16, 2008  
    
    For the latest Consumer Price Index and general info call 202-691-6994 


Is it true that nontaxable IRA distributions of up to $100,000 for charitable contributions are excluded from gross income?
    Yes, this is effective for year 2006 and will be available
     for 2007 also.  Legislation was extended to allow for tax year 2013.


Can an employer pay an employee compensation that is not reported on form W-2, but instead reported on a form 1099? (ie: Form 1099MISC)
    No, generally all payments to employees must be reported as
    compensation subject to withholding, payroll taxes, and presented
    accordingly on form W-2.