First Quarter 2010 Volume 3, Issue 1
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A New Year, A New Office
“Green” is the new buzzword these days and for good reason. Small measures can make a big impact on this environment we all share, so why not take a moment to review what you are doing in your office to help be green. After all, it’s a fresh new year, a good time to institute new changes. You may also save a bit of green as well! Below are some tips to help your office be as green as it can be.
- Replace incandescent lights with compact fluorescent lights (CFLs) – according to EnergyStar, a qualified CFL will save about $30 over its lifetime, pay for itself in 6 months, uses 75% less energy and lasts about 10 times longer than standard incandescent lights.
- Print only when you need a hard copy –the less you have to use printer paper, the less you will have to buy it, not to mention the natural resources you save. If you need to print, use recycled paper and reduce your margin size. Buy Adobe Acrobat (or use it if you have it) to “Print to PDF” which will allow you to share documents easier and access those documents remotely.
- Send files and information via email instead of facsimile – save on paper cost and keep better track of the data you send out.
- Set up an office carpool – one less car on the road and therefore less carbon emissions. Catch up in the carpool rather than at work to increase your productivity.
- Elect to receive bills, statements, direct deposit vouchers, newsletters, and other reading materials via email or on the web – saves the cost of postage and paper products.
- Use mugs, plates, and cutlery for your lunch and bring your own lunch – you can heat up last night’s leftovers and save a few dollars rather than going out.
COBRA Update
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows families and individuals to maintain their health insurance benefits lost to them due to job termination, reduction in hours worked, or other life events (see Department of Labor's COBRA page for complete information). The American Recovery and Reinvestment Act (ARRA) of 2009 mandated that employers of COBRA-covered workers must pay 65% of the premium, provided that the worker pays the remaining 35%. The employer can then use the subsidy as a credit against their employment tax deposit, reflected on the quarterly Form 941. Originally the ARRA only extended this coverage through December 31, 2009 and eligible individuals only qualified for the subsidy for nine months. However, the eligibility period and duration of the COBRA premium assistance was extended under the Defense Appropriations Act of 2010. The eligibility period has been extended through February 28, 2010 and the duration has been extended to a period of up to 15 months (see the IRS Press Release for complete information).
Don’t forget to contact your payroll representative with any paid COBRA subsidy amounts so we can properly credit your employment tax account.
Product of the Quarter: Retirement Remittance
How much time do you spend every pay reviewing the deduction reports, consolidating the data, and cutting the checks for your employees’ retirement contribution fund? Do you upload the employee data and send the contributions electronically? How much of that time could be better spent on other, more lucrative tasks?
Let us help you save time by submitting the retirement contribution reports and checks for you. We will reproduce any reports the retirement fund providers require and send the reports with the checks promptly. We will also calculate and include the employer contribution with the employee contributions, saving you that hassle.
If we currently impound your payroll cash requirement, then the retirement contribution check will also be impounded, thereby eliminating the need for check reconciliation. We can help! Talk to your payroll representative today to see how we can help ease your reporting burden.
Fast Alerts:
- W-2 Replacements
Any requested duplicate W2s may be subject to a $5 fee per form. Keep returned W2’s on file for four years. Paper versions must be retained if you do not have an electronic version that can be reproduced through April 15th of the fourth year.
- 2010 Retirement Contribution Limits
401k, IRA and SIMPLE IRA contributions for 2010 will maintain the same cap from 2009:
- 401k & 403b: $16,500 + $5,500 catch up = $22,000 total
- IRA: $5,000 + $1,000 catch up = $6,000 total
- SIMPLE IRA: $11,500 + $2,500 catch up = $14,000 total
*catch up is only applicable to those age 50 and above
- 2010 Social Security Wage Base
Social Security wage base remains the same for 2010. Social security will not be deducted from an employee’s pay once he/she earns $106,800 in wages and neither will the employer have to match the deduction. Medicare will continue to be deducted from the employee and matched by the employer.
Notes From Randy's Desk...
As we start the new year, we would appreciate any feedback that you can give to us regarding our services. If we are doing a great job, it’s always nice to hear it from your customers, and if we are not performing at a top level, it’s even more important for us to know about it. Please take the time to complete our survey and return it to us at your convenience. We value your opinions and want to base our efforts on providing the services that our customers value the most.
