Categories: Payroll, Policy & Regulation,
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IRS Plans to Add Line to 2013 Form 941 for Reporting Additional Medicare Tax on High Earners

According to the  APA (American Payroll Association) the IRS plans to add a new line to the 2013 Form 941 for reporting the employee portion of Medicare tax withheld on wages over $200,000. Under the Patient Protection and Affordable Care Act, the Medicare tax rate is due to increase .9% (for employees only) on wages Read More

Categories: Policy & Regulation, Workers' Compensation,
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Ohio BWC Administrative Cost Fund

The Administrative Cost Fund receives assessments from each private employer that are calculated as a percentage of the premiums paid by that employer to BWC. This assessment funds the operating expenses of the Bureau of Workers’ Compensation. A first reading with the BWC Board of Directors occurred in May 2012 to recommend a 3% decrease in the assessment for private employers for the Read More

Categories: Policy & Regulation, Workers' Compensation,
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Private Employer Ohio BWC Rates, No Change

The BWC Board of Directors approved the 2013 rate proposal on May 24, 2012, created by BWC’s Actuarial Department, to make no change to the statewide average rates for private employers for the policy year beginning July 1st.   Last year, the Board approved a 4% average rate reduction which was estimated to save private employer’s $65 million in premiums. Maintaining the average Read More

Categories: Policy & Regulation, Workers' Compensation,
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Ohio BWC Enterprise Report May 2012

On May 24th, Chief of Fiscal and Planning for BWC, Tracy Valentino, reported that BWC’s net assets increased by $201 million in April resulting in net assets of $7.2 billion at April 30, 2012. The total net assets have increased by $1.4 billion for fiscal year-to-date 2012 resulting in net assets of $7.2 billion at Read More

Categories: Policy & Regulation, Unemployment,
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Unemployment Benefits for School Employees

Looking ahead to the end of this school year many districts will be sending letters to their employees giving them reasonable assurance. Employees working under continuing contracts are considered to have reasonable assurance and should be found ineligible for benefits during the summer months as long as their contract is intact for the upcoming school Read More

Categories: Policy & Regulation,
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IRS Releases Notice 2012-40 Giving Guidance for the $2,500 FSA Limit!

1. The IRS Notice 2012-40 answers the question: “What defines a tax year in applying the Health FSA $2,500 limit?” The notice specifically states the cafeteria plan year is the “tax year”. The notice determines that an “off calendar year” can fall into 2013 and still have an unlimited Health FSA amount. 2. The 2.5 month claim filing extension can also Read More