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Payroll Updates and Review

Payroll Updates and Review. Informational Tidbits: **Credit Checks - $50.00 with Innovative Credit Solutions, Inc. 1-800-345-2746, or info @icscredit.com **Pre-Employment Physicals: Very important for those in maintenance and food service positions.

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Payroll Updates and Review

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  1. Payroll Updates and Review

  2. Informational Tidbits: • **Credit Checks - $50.00 with Innovative Credit Solutions, Inc. 1-800-345-2746, or info @icscredit.com • **Pre-Employment Physicals: Very important for those in maintenance and food service positions. • **IRS.gov for the latest in forms, tax updates, etc. • **MASBO website, publications, for the Payroll Manual. • **New Hire Form: Don’t forget to submit these on all new hires, including subs. If you haven’t before, you will hear eventually from an agency for Child Support withholdings.

  3. Other: HSA’s, stay informed about the limits that an employee can contribute each calendar year. For 2015, the limits are $3,350 for single and $6,650 for family. For 2016, $3,350 for single and $6,750 for family. If the employee is 55+, they can contribute an additional $1,000. The minimum deductible to participate in a HSA is $1,300 for single; and $2,600 for family in 2015 and 2016. Consult your plan provider for more details. Also, if you have an HRA, you cannot participate in an HSA until your HRA is exhausted. Check with your providers ie, Allegiance, American Fidelity, etc. 403b’s are another area that you should be aware of annual limits. The most that can be contributed to a 403(b) account through employee elective deferrals by means of a salary reduction agreement is $18,000 for 2015. Again, employees 50+ years old can contribute an additional $5,500. Check out www.403bwise.com

  4. **Minimum Wage is increasing to $8.05 in January, 2015 **Get your “5 in 1” Labor Law posters at Job Service for free– DO NOT pay for these **Double check your withholdings to be reported on the W-2’s to make sure they are set appropriately to show in the correct box. **See the following link for the DRAFT instructions for W-2 and W-3 2015 http://www.irs.gov/pub/irs-dft/iw2w3--dft.pdf

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