Did you check your NJ SUI rates? Over the last few weeks, all New Jersey employers received a Notice of Employer Contribution Rates. This is not a bill, but rather a summary of the manner in which the NJ Department of Labor calculates the employer... Read More
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NJ employers can reduce NJ SUI (unemployment rates) by making a voluntary payment. The deadline in August 25, 2015.
NJ Staffing agencies that train their workers will be in compliance with OSHA requirement as well as helping future employee’s safety needs.
NJ employees now have the right to file wage claims up to six years instead of two years.
Overtime calculations for employees with two different rates of pay for two different job titles
NJ Employers can Reduce their NJ Unemployment Rates by making a Voluntary Payment- the Deadline is August 19, 2014
In an S-Corporation, a popular choice of tax entity among businesses, an owner who works for the company is required to take wages. How much of the company’s income is classified as wages versus S Corp. income (reported to the owner on Form K-1) is up to the owner. The net income will be taxed regardless of how it’s classified. The big difference lies in federal employment taxes, which are not paid on K-1 income.
New Jersey employers can breathe a sigh of relief, as Governor Christie has announced that new fiscal management practices have brought New Jersey’s Unemployment Insurance Trust Fund into solvency for the first time since 2009. This spares businesses from a drastic tax surcharge, as Federal Unemployment Tax (FUTA) was set to increase from the base rate of 0.6% ($42 maximum per employee) to 1.5% ($105 maximum per employee). The surcharge is imposed when a state has borrowed from the Federal Unemployment Trust Fund and increases each year. In 2012, NJ employers paid 1.2% due to the surcharge ($84 maximum per employee). By repaying the loan to the Feds, employers will not be subject to this surcharge on their 2013 FUTA wages and will only pay the base rate of 0.6% ($42 maximum per employee).
With a new 3.8% tax on “unearned” income kicking in in 2013, it’s very difficult to limit your tax to just “ordinary” income tax. If your income is earned, you pay 15.3% Self-Employment (Social Security) tax. If your income is un-earned, you now have the new 3.8% Net Investment Income (NII) tax to pay.
Many NJ businesses have recently received a solicitation concerning “Annual Corporate Records Form”. The mailing, which has an official appearance, solicits a fee of $125 in return for the recording of corporate shareholders, directors and officers. The Division of Revenue is alerting all New Jersey businesses that there is no requirementto file this form State of New Jersey, and the sender isn’t affiliated with the State.