Annual Increase Is Mandated by Law
This amount is set annually and is 70% of a statewide average wage.
Find Out the Wage Base for All States by Visiting the Vision Payroll Unemployment Taxable Wage Base Page
Contact Vision Payroll if you have any questions on the North Dakota unemployment taxable wage base or visit our Unemployment Taxable Wage Base page.
Box 9 Is not Applicable for 2011 Form
Box 9, which formerly showed the amount of any Advance Earned Income Credit (EIC) payment, is not applicable for 2011 since it was repealed. The credit will now be claimed on the taxpayer’s individual income tax return, when filed.
Code DD Added to Box 12
The reporting in Box 12, using Code DD, of the cost of employer-sponsored health coverage is for information only. This reporting will be optional for 2011 and required starting for 2012 tax year reporting.
Contact Vision Payroll if you have further questions on the 2011 draft Form W-2.
Social Security Increases Based on CPI Change
Since there was no increase in the Consumer Price Index (CPI-W) from the third quarter of 2008 to the third quarter of 2010, the Social Security Wage Base will remain at $106,800. There is no provision for a Cost-of-Living Adjustment (COLA) when there is no increase in the CPI-W. Wages are taxed at 6.2%, so the maximum tax to be paid by each employee will be $6,621.60. About 7% of workers who pay Social Security Tax are expected to reach the maximum in 2010.
Retirement Earnings Test Exempt Amounts Remain Unchanged for 2011
For workers under full retirement age, $1 in benefits will be withheld for every $2 above the Retirement Earnings Test Exempt Amount of $14,160 per year or $1,180 per month. The year an individual reaches full retirement age, $1 in benefits will be withheld for every $3 above the Retirement Earnings Test Exempt Amount of $37,680 per year or $3,140 per month. The month an individual reaches full retirement age there is no limit on earnings. These amounts are also unchanged from 2010 to 2011.
Quarter of Coverage Amounts Stay at $1,120
Also unchanged for 2011 is that amount needed to earn a Social Security credit, formerly known as a quarter of coverage. In 2011, a credit will be earned for every $1,120 of earnings, up to a maximum of four credits.
Contact Vision Payroll if you have any questions on the Social Security changes for 2011 or get further information at Important Facts and Figures.
Find Out the Wage Base for All States by Visiting the Vision Payroll Unemployment Taxable Wage Base Page
Contact Vision Payroll if you have any questions on Connecticut unemployment taxable wage base or visit our Unemployment Taxable Wage Base page.
The Arkansas Department of Workforce Services has announced the taxable wage base for 2011. The wage base will remain at $12,000 for 2011.
Find Out the Wage Base for All States by Visiting the Vision Payroll Unemployment Taxable Wage Base Page
Contact Vision Payroll if you have any questions on Arkansas unemployment taxable wage base or visit our Unemployment Taxable Wage Base page.
The Ohio Department of Commerce announced recently that, effective January 1, 2011, the minimum wage for the state of Ohio will increase to $7.40 per hour for non-tipped employees and $3.70 for tipped employees.
Minimum Wage Applies to Employers That Gross More than $271,000 per Year
Kimberly A. Zurz, Director Ohio Department of Commerce
The minimum wage will apply to employers who gross more than $271,000 per year.
Annual Adjustment Is Constitutionally Required
As a result of a constitutional amendment that passed in 2006 an adjustment to the minimum wage must be applied on January 1 of each year. The adjustment is tied to the Consumer Price Index (CPI) for urban wage earners and clerical workers for the 12-month period prior to September. The 1.4% increase in the CPI is rounded to the nearest five cents to calculate the amount of the adjustment.
Find Out the Minimum Wage for All States by Visiting the Vision Payroll Minimum Wage Chart Page
Contact Vision Payroll if you have any questions on the Ohio minimum wage increase or visit our Minimum Wage Chart.
Find Out the Wage Base for All States by Visiting the Vision Payroll Unemployment Taxable Wage Base Page
Contact Vision Payroll if you have any questions on the Oklahoma unemployment taxable wage base or visit our Unemployment Taxable Wage Base page.
The Montana Department of Labor and Industry announced recently that pursuant to Montana Code Annotated 39-3-409, the minimum wage for the state of Montana would increase to $7.35 per hour for 2011.
Adjustment Must Be Calculated Annually
Montana Labor Commissioner Keith Kelly
The law requires an adjustment to the minimum wage that must be calculated no later than September 30 of each year. The adjustment is tied to the US City Average Consumer Price Index (CPI) for All Urban Consumers for All Items for the 12 months ending in August. Since the CPI increased 1.119% from the previous year, an adjustment of $0.10 will be made to the minimum wage.
Find Out the Minimum Wage for All States by Visiting the Vision Payroll Minimum Wage Chart Page
Contact Vision Payroll if you have any questions on the Montana minimum wage or visit our Minimum Wage Chart.
Per Diem Rates Decrease for High-Cost and Other Localities
In §5.02, the IRS announced that per diem rate for high-cost localities is $233 (down from $258 in 2010) and the per diem rate for other localities is $160 (down from $163 in 2010).
Meal Rates and Incidental Rates Remain the Same for 2010
In §5.02, the IRS announced that meal rate for high-cost localities is $65 and the meal rate for other localities is $52. These rates are unchanged from 2010. Also unchanged is the incidental expenses rate. In §4.05, the IRS announced that the incidental rate is $5 for 2011.
High-Cost Localities Announced
In §5.03, the IRS announced the localities that “are high-cost localities for all of the calendar year or the portion of the calendar year specified in parentheses under the key city name.”
Additions to and Deletions from the High-Cost List
In §5.04, the IRS announced the localities that have been added to the list of high-cost localities. They are:
In §5.04, the IRS announced the localities that have had the portion of the year for which they are considered high-cost localities changed from 2010. They are:
In §5.04, the IRS also announced that Hershey, Pennsylvania has been removed from the list of high-cost localities.
New Per Diem Rates Effective October 1, 2010 or January 1, 2011
The new per diem rates are effective October 1, 2010 for taxpayers using the fiscal year period for reimbursements and January 1, 2011 for those using the calendar year period for reimbursements.
Contact Vision Payroll if you have any questions on Rev. Proc. 2010-39.
Wage Base Has Been Unchanged Since 1992
The wage base in Maryland has been at $8,500 since 1992.
Find Out the Wage Base for All States by Visiting the Vision Payroll Unemployment Taxable Wage Base Page
Contact Vision Payroll if you have any questions on Maryland unemployment taxable wage base or visit our Unemployment Taxable Wage Base page.
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