As year-end approaches, there are additional payroll items that may require special attention. To help you organize your information and meet reporting deadlines, we are providing our annual Year-End Newsletter. Please click on the link below and review it as soon as possible. It contains important information on topics including:
Please contact your payroll specialist with any additional questions or concerns.
Payroll Management (Evolution HCM Login)
Time & Attendance (Swipeclock Login)
Download Evolution Classic Software HERE
For every business you refer to us that becomes a client we will give you a free month of payroll services. If you refer 5 businesses within 12 months that become a client you will receive 1 year of payroll services for FREE (limited to $5000 annual billing). Call us for more information.
In order to ensure that you get the most out of our Evolution software, we offer 2 classes monthly at our Metairie office. Visit our Training Library for more information on classes and to find training videos specifically for our payroll customers.
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Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. This limit is adjusted each year with changes in the national average wage index. This annual limit is called the contribution and benefit base. For earnings in 2018, the Social Security taxable wage base is $127,200.
|Social Security Taxable Wage Base per Employee||$128,700|
|Employer Tax Rate for Social Security||6.2%|
|Employee Tax Rate for Social Security||6.2%|
|Self-Employed Tax Rate for Social Security||12.4%|
|Medicare Taxable Wage Base per Employee||No Limit|
|Employer and Employee Tax Rate for Medicare||1.45%|
|Self-Employed Tax Rate for Medicare||2.9%|
|FUTA Taxable Wage Base per Employee||$7,000|
|Employer Net Tax Rate||0.6%|
Below are the federal minimum wage rates. Note that some states have minimum wages that are higher than federal rates.
|Min Wage||Min with Tips||Max Credit for Tips|
For information on state minimum wage rates, head to the Department of Labor’s website by clicking on the link below.
Learn about state minimum wage rates.
The federal government sets dollar limits as to how much an employee can contribute to their company’s qualified retirement plan each tax year. These limits are based on the cost-of-living index. If an employee reaches the age of 50 during the current tax year, they will qualify for the “Catch Up” provision… only if it is an established provision of the Company’s 401(k) plan.
The IRS announced for the 2017 tax year, the limits pertaining to 401(k) and other defined contribution plans will either remain unchanged or the inflation adjustments will be small.
|Standard||‘Catch Up’ Provision|
|401(k) Limit for||$18,500||$24,500|
|SIMPLE IRA Plan for||$12,500||$15,500|