Total Payroll Solution

Get Paid Smarter with Total Payroll Solution|

In today’s fast-moving business world, efficiency and reliability matter more than ever—especially when it comes to payroll. That’s why more and more companies are turning to direct deposit, and why ...
Read more at https://www.tpspayroll.com/getpaidsmarter2025/

https://www.tpspayroll.com/a-simple-and-automated-payroll-system/

How the Payroll Tax Deferment Affects the American Workers

We wanted to provide an update on the Presidential Memorandum related to payroll tax deferrals that the President issued on August 8, 2020. This order establishes a Social Security tax deferral for employees who make $4,000 or less every two weeks and would be in place from September 1 through the end of 2020.

Recent guidance from the IRS doesn’t explicitly say that employers must participate. Clarification is still being sought at this time. Employees who participate in the deferral will see a short-term increase in pay. Unless further legislation is passed by Congress though, American workers will face “double withholding” in the first four months of 2021, so their take-home pay will go down during that period.

For those that can afford to and are worried about the ramifications of this memorandum, it may be best to set aside the additional take home pay each pay check to offset additional amounts withheld in 2021. For example, someone who makes $500/week would normally have $31 each pay check taken from their gross pay. Setting aside that amount each week through the end of the year means that they would need to set aside approximately $558 in total.

Depending on if other legislation does or does not pass that negates that payback of the deferred Social Security taxes, then the employee could have a $558 nest egg to start the year or to offset the additional amount of taxes withheld from their check. Each person’s financial situation is different so they should consult their own tax or financial advisor for the best solution to fit their lifestyle.

Do you have questions about this or other payroll issues? Have you not evaluated your payroll costs in a while? Feel free to reach out to us via email, or call us directly at 765-228-7243.

The Indiana department of workforce development has sent out notifications to employers and Indiana that they're filing for the last quarter was inaccurate or incomplete. This is not so! There was an error in their system in the transition to their new portal. This was their error, they are making no apologies and no notifications will be sent, that it was their error.

The office of workforce development just sent out notifications to most employers in Indiana, there was an error in their system. Everyone has been notified that their filings for the last quarter were incomplete or inaccurate. They will not be sending out any apology letters.

Total Payroll Solution does more than just offer payroll processing services. We also offer time clock systems for use at your place of business.

We have a wide array of units including key punch, RFID, computer entry, off-site entry, and fingerprint systems. At a glance you can keep track of who is clocking out early, late, and even know if you have employees who are going to be in overtime.

Contact us for the best solution for you. Visit TPSpayroll.com for more information or give me a call at 765-288-7243

The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you and your employees should do a paycheck checkup using the Withholding Calculator on IRS.gov.
https://www.irs.gov/individuals/irs-withholding-calculator

The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld.

If necessary, complete a new W-4 form.
https://www.irs.gov/forms-pubs/about-form-w4

Recent changes affecting withholding include:
• Reduced tax rates
• Elimination of personal exemptions
• Increased standard deductions: $12,000 for singles, $18,000 for heads of households and $24,000 for married couples filing jointly
• Increased child tax credit: $2,000 per qualifying child and a new $500 credit for other qualifying dependents
• Changes to itemized deductions

A paycheck checkup is especially important if you or your employees:
• Are a two-income family
• Have two or more jobs at the same time or who only work part of the year
• Claim credits like the child tax credit
• Have dependents age 17 or older
• Itemized deductions in 2017
• Have high income or a complex tax return
• Have a large tax refund or tax bill for 2017

IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding; special week focuses on changes | Internal Revenue Service IR-2018-73, March 26, 2018 — Launching a special week of activities, the IRS today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their personal situation.

If you've finished your taxes, now is a great time to review what your withholding will look like for this year. With the changes to the tax tables that became official in February, a quick review of how your W-4 should be filled-in can help make sure you're not giving too much to Uncle Sam throughout the year.

So grab those documents, head over to the IRS's FREE withholding calculator, and make sure you're properly setup for 2018.

https://apps.irs.gov/app/withholdingcalculator/

Visit tpspayroll.com to simplify your business's payroll today!

2018 Withholding Calculator

New tax tables are now available from the IRS. How will they affect you?
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-2017-12

Visit tpspayroll.com to simplify your business's payroll today!

Here's how your tax bracket will change in 2018 2018 income tax brackets changed after President Donald Trump signed the Republican tax bill into law at the end of December.