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Precision Payroll of America, LLC
630.877.3156
877.941.1040
February 2013
PPA Press
by Precision Payroll of America, LLC

Relevant news for
business owners


Winter greetings to our customers and friends of the firm. We hope your new year is off to a great start, and are excited to share with you a new resource we’ve created for our clients. Our PPA Press newsletter will keep you updated on all of the newest topics affecting payroll and the employee relations (HR) side of your business. We promise to keep this bi-monthly newsletter concise and informative. Your input is always appreciated, so feel free to contact us with questions or story ideas.

Regards,
Paul Sivak, EVP/Principal

You need to know:
Tax changes for 2013


As you’ve likely heard, there are several tax changes in 2013 of which business owners need to be aware. Our tax department is dedicated to keeping up-to-date on all federal and state tax changes and keeping clients informed. If you have any tax questions, contact our tax department at 630-242-1516.

Here are some key items you should know:
  • Social Security tax goes back to 6.2%.
  • Social Security wage base increases to $113,700.
  • The Medicare tax rate is 1.45%.
  • The Medicare employee rate increases to 2.35% for workers exceeding $200,000 in wages.
  • In Illinois the Unemployment Taxable Wage Base went down to $12,900.
  • For companies with fewer than 250 employees, the total cost of employer- sponsored healthcare needs to be reported on 2013 W2s (in 2014).
Beware of penalties.
Watch for refund.


Avoid over-payments and penalties. Make sure your payroll processor has your 2013 unemployment tax rate.

Illinois employers, watch for your refund. The state of Illinois borrowed money from the federal government to pay unemployment taxes. That loan was paid on time this year-Yea!! So watch the mail for your refund!

Welcome new PPA clients!

As part of our service, we will handle any issues related to your payroll processing. In order for us to do so, we need a power of attorney signed by you. Check your mail for the power of attorney form PPA sent recently. Please sign and return the form to us as soon as possible. If you did not receive, or misplaced your form, contact Courtney at 630-242-1511.

Return forms by:
  • US mail: 1901 S Meyers Rd. Suite 310, Oakbrook Terrace, IL 60181
  • Fax: 800-878-5648

   


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