Two important end-of-year notes for Payroll
December 9, 2008 by Kerry IsbergPosted in: In this week's e-newsletter, Latest News & Views, Money, Pay and benefits, Records documentation
There’s (1) a lifesaver form if you have problems with W-2s and (2) the new IRS Withholding Tables.
The lifesaver year-end form
If the 11th hour comes and for some reason – the printer jams, your vendor balks, etc. – you can’t deliver your W-2s, there’s one form that can save you.
Filing Form 8809 will get you an automatic 30-day extension. The only trick is you must postmark, transmit or complete the form online by the W-2 due date. (For 2009, you have until March 2 if filing on paper and March 31 if e-filing.)
Download Form 8809, Application for Extension of Time to File Information Returns, at www.irs.gov/pub/irs-pdf/f8809.pdf.
IRS Releases 2009 Withholding Tables
Let your Payroll people know that if they use the percentage-method withholding tables, they can set their system now for the first payroll of 2009.
IRS just released Notice 1036, which shows the amounts for one withholding allowance:
Weekly ……………………………… $70.19
Biweekly …………………………. $140.38
Semimonthly …………………… $152.08
Monthly ………………………….. $304.17
Quarterly ………………………… $912.50
Semiannually ………………… $1,825.00
Annually ………………………. $3,650.00
Daily/misc. ………………………… $14.04.
The wage bracket withholding tables will appear in IRS’ Publication 15, Circular E, which hasn’t been published yet.
January 9th, 2009 at 6:45 pm
What are people doing about having 27 payrolls in 2008 due to the holiday falling on payday or in some cases 2009 having 27 payrolls. How does this affect our budget?