Federal and State Labor Law Posters

State labor law posters and federal labor law posters have been changing more frequently than ever because there has been so much legislative activity in the employment area in the past few years—and this trend is continuing.

Among the labor law topics that are getting the most attention right now on compliance posters are wage and hour regulations, family leave, sick leave, discrimination, child labor and occupational health and safety.

The numerous state minimum wage laws that passed across the country prior to the 2007 federal minimum wage increase are an example of these changes.

Ten states now have minimum wage rates that adjust annually (Arizona, Colorado, Florida, Missouri, Montana, Nevada, Ohio, Oregon, Vermont and Washington).

A common misconception about compliance posters is that they only change at the first of the year.  Although there are usually more state changes in January because of laws that go into effect then, state labor law posters can change at any time.

Each state has its own posting requirements, and these are found in the individual labor laws.  (Poster requirements for federal labor law posters are also found in the federal laws.)  Some states—like California, Louisiana and New Jersey—require 10 or more state posters while others require as few as two.

Posters are required most often by states are wage and hour regulations, family leave law, sick leave regulations, health and safety, child labor, unemployment, workers’ compensation and discrimination.

When a new state or federal labor law passes, it does not mean a new poster is automatically required or even that an existing poster will be amended.  This is because not all laws include a posting requirement.

If there is a new poster requirement, the poster may be delayed while final regulations are drafted to carry out the law, hearings are held for public comment or the issuing agency determines the content and wording to use on the posters

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Attention: New Jersey Restaurant. Get Your FICA Tip Credit

FICA Tip Credit is a credit for Employer Social Security Paid with respect to Employee’s Cash Tips. Only an employer in food or beverage industry, where the employees are getting tips, is applicable to receive the credit. If you paid Social Security and Medicare taxes on these tips, then you
deserve the tip credit based on how much tax you paid on those tips.

This FICA Tip Credit can be hundreds of dollars depending on the size of the company and how many employees you have.  Your business is eligible to receive credit for any Social Security and Medicare taxes it pays beyond the federal minimum page.  In other words, no credit is given for tips used to meet the federal minimum hourly wage rate.

To receive more information or to know about how to get the FICA Tip Credit, contact Garden State Payroll at info@gardenstatepayroll.com or
give us a call at 877-898-0415

New PTIN Requirements for Tax Return Preparers

New regulations require all paid tax return preparers to obtain a PTIN. Renewals
for 2012 are expected to start in October 2011. In the future, some preparers
will need to pass a competency test and background check, and take continuing
education courses. For more information, see http://www.irs.gov/taxpros/article/0,,id=210909,00.html

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Ten Things to know about the upcoming 2011 IRS Nationwide Tax Forums

http://www.irs.gov/newsroom/article/0,,id=239533,00.html

Tax Proposals in the 2011 Budget

Learn more about the tax provisions of President Obama’s 2011 and get aquainted with updated tax laws:http://www.taxpolicycenter.org/taxtopics/2011_budget.cfm. For more information, contact Garden State Payroll at  877.898.0415

Attention New Jersey Business Owners

On March 5 1998, a law was signed by Governor Whitman that requires all New Jersey employers to report basic information about employees who are newly hired, rehired, or who return to work after a separation of employment.  All employers are required to submit New Hire Reports within 15 days of the employee’s first day on the job.  Garden State Payroll can help in keeping you in compliance with the New Hire Reporting Law.  Contact GSP at 877-898-0415 or visit us at our website http://www.gardenstatepayroll.com

Reduce Time Theft

What is Time Theft?

5 Mistakes to Avoid while doing Payroll

1.     Miscalculating payroll: Employers who do their payrolls by themselves are vulnerable to making mistakes while calculating their payroll.  They may not be aware of the
recent tax updates and how to deduct the various taxes properly.  This could lead to paying a huge amount of penalties every time while running the payroll.

2.     Late Tax Deposits: Employers have to be cautious about the numerous deadlines they have to meet for depositing the federal and state taxes.  Different types of taxes have different
filing dates, so employers have to make sure they do not forget about filing the taxes at the right time.

3.     Misclassifying workers:  There are different types of categories that employees come under such as independent contractors, hourly or salary employees.  Classifying an employee with an hourly pay type under salary will cause to inaccurate tax withholdings and tax deposits.

4      Poor record keeping:  When hiring an employee, the employers have to make him fill out numerous forms such as W-4 and I-9.  Misfiling or forgetting to fill out any one of these forms can get your company in trouble during an audit.

5.     Not running payroll on time: Completing a payroll is a strenuous process that utilizes a lot of time and resources. Sometimes, companies either delay their payroll processes or they completely forget to do so.  They are continuously under pressure to complete their payrolls and hence, it is advised to outsource the payroll to more specialized companies such as Garden State Payroll.

2011 Wage and Tax Facts Sheet

Get the latest information about the 2011 Wage and Tax Facts at Garden State Payroll