{"id":4845,"date":"2011-01-14T15:48:06","date_gmt":"2011-01-14T20:48:06","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=4845"},"modified":"2011-01-15T16:10:36","modified_gmt":"2011-01-15T21:10:36","slug":"question-of-the-week-what-are-10-hot-items-for-payroll-in-2011","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2011\/01\/question-of-the-week-what-are-10-hot-items-for-payroll-in-2011\/","title":{"rendered":"Question of the Week: What Are 10 Hot Items for Payroll in 2011?"},"content":{"rendered":"
\r\n\t\"What<\/a>\r\n\t
What Are 10 Hot Items for Payroll in 2011?<\/div>\r\n<\/div>This week\u2019s question comes from Seth, a company controller. It seems as if there are many changes in payroll recently. What are 10 hot items for payroll in 2011? Answer: The payroll industry and payroll departments have seen many changes as Congress uses the payroll and payroll tax system as a means to implement desired changes in social policy. Many items are new or revamped for 2011.<\/p>\n

10 Hot Payroll Items in 2011<\/strong><\/p>\n

    \n
  1. 2011 Withholding Table Changes:<\/strong> Because of the recently passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Act)<\/a>, employers should implement the 2011 withholding tables as soon as possible, but not later than January 31, 2011.<\/li>\n
  2. Reduced Social Security Tax Rate for Employees:<\/strong> For 2011, the employee tax rate for Social Security is 4.2%, down from 6.2% in 2010. The employer rate remains at 6.2%.<\/li>\n
  3. Expiration of Making Work Pay Credit:<\/strong> The Making Work Pay credit<\/a> expired on December 31, 2010, resulting in higher federal withholding from many employees in 2011.<\/li>\n
  4. Extension of COBRA Premium Assistance Credit:<\/strong> The credit for COBRA premium assistance payments has been extended<\/a> to include premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months.<\/li>\n
  5. Advance Payment of Earned Income Credit (EIC) Discontinued:<\/strong> The option to receive advance payroll payments of EIC expired<\/a> on December 31, 2010.<\/li>\n
  6. Federal Tax Payments Must Be Made by Electronic Funds Transfer:<\/strong> With the discontinuation of Forms 8109 and 8109-B<\/a>, most federal tax payments must now be made by electronic funds transfer.<\/li>\n
  7. FUTA Tax Rate Scheduled to Decrease:<\/strong> Under current law, the FUTA tax rate will decrease from 6.2% to 6.0%, effective July 1, 2011.<\/li>\n
  8. Withholding Allowance Amount Set at $3,700:<\/strong> For 2011, the amount for one withholding allowance on an annual basis is $3,700, up from $3,650 for 2009 and 2010.<\/li>\n
  9. Aggregate Form 940 and Form 941 Filers Must File Schedule R:<\/strong> Agents must complete the appropriate Schedule R when filling an aggregate Form 940<\/a> or Form 941<\/a>.<\/li>\n
  10. Choose to File Form 941 Instead of Form 944:<\/strong> Employers notified that they should file Form 944<\/a>, but who want to file Form 941<\/a> instead, may notify the IRS and request to file Form 941.<\/li>\n<\/ol>\n

    More Changes Expected Throughout 2011<\/strong><\/p>\n

    Check VisionPayroll.com<\/a> regularly as the only certain thing about payroll and payroll taxes for 2011 is that many more changes can be expected.<\/p>\n","protected":false},"excerpt":{"rendered":"

    What Are 10 Hot Items for Payroll in 2011? This week\u2019s question comes from Seth, a company controller. It seems as if there are many changes in payroll recently. What are 10 hot items for payroll in 2011? Answer: The payroll industry and payroll departments have seen many changes as Congress uses the payroll and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[660,545,548,20,529,528,620,686,796,44,178,1432],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/4845"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=4845"}],"version-history":[{"count":2,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/4845\/revisions"}],"predecessor-version":[{"id":4848,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/4845\/revisions\/4848"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=4845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=4845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=4845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}