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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.