<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=690758617926394&amp;ev=PageView&amp;noscript=1">
Skip to content

What do employers need to know about payroll changes in 2014?

January 15, 2014

Written by admin

As with every New Year, there are some changes that you’re company should be aware of with regards to payroll. The following are some things you need to know about payroll in 2014.

mileagerates2014Mileage Reimbursement Rates Reduced

Beginning on January 1, 2014, the IRS announced that the mileage rate for reimbursing employees' business travel in their own cars decreased from 56.5 cents to 56 cents. And the mileage rate for job-related moving expenses decreased from 24 cents to 23.5 cents. Employers using the current IRS rates should adjust their reimbursement rates accordingly to avoid having to include the extra half cent in its employees' income.

Social Security Wage Base Will Go to $117,000

The Social Security Administration has announced that the 2014 social security wage base will be $117,000, an increase of $3,300 from the 2013 wage base of $113,700, and $1,500 more than the SSA trustees estimated in their annual report. The maximum social security tax employees and employers will each pay in 2014 is $7,254.00, an increase of $204.60. The threshold for FICA tax coverage for domestic employees will be $1,900 in 2014, up from $1,800 in 2013; for election workers the threshold will be $1,600, unchanged from 2013. (Source: http://www.americanpayroll.org/)

New Forms and Guides for Employers

The IRS Issued new W-4 and W-2 2014 forms for 2014, as well as new employer’s tax guide information. For your convenience, you can download them here:

 

To say on-top-of the latest in payroll, please ask us or check the resources pages/blog of the CPP website frequently. Complete Payroll Processing is a premier payroll company that serves Buffalo, Rochester, Syracuse and various other cities in New York State. Please let us know how we may be of service to you.

Source: http://www.americanpayroll.org/

DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting, or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.

Get The Newsletter

Bi-weekly on Thursdays. We compile HR best practices, labor law updates & other content to help you pay and manage your workforce more effectively.

Complete Payroll Circle Logo
Ready to Make the Move to Payroll Country?

Get a Quote

Related Posts