Just a reminder

W-2's and 1099's must be mailed by January 31, 2012. 

PAYROLL CHANGES FOR 2012

MINIMUM WAGE:    Oregon's minimum wage increases to  $8.80 per hour on January 1, 2012.

FEDERAL PAYROLL TAXES:

FICA (Social Security):  rate returns to 6.2%*; wage limit

increases to $110,100 (from $106,800)

Medicare:  rate remains the same at 1.45%; there is no wage limit

FUTA (Federal Unemploment):  rate was reduced to .6% on July 1, 2011, remains that rate for 2012;  wage limit remains the same at $7,000

       * if Congress does not extend 4.2% rate for employees

QuickBooks automatically updates rates, wage limits and withholding tax tables via your Tax Table Subscription.

OREGON PAYROLL TAXES:

SUTA (State Unemployment):  rate varies by employer; you should have received a letter from the Oregon Employment Dept. dated November 15, 2011.  The wage limit increases to $33,000 for 2012.  The SUTA rates will be the same range as last year - the lowest possible rate for 2012 is 2.2% (up from 1.8% in 2010) and the highest rate is 5.4%.  The "Base Rate" for new employers is 3.3%.

Worker's Benefit Fund Assessment (WBF):  the rate remains the same as the 2008 - 2011 rate; 1.4 cents per hour worked (the employer also pays 1.4 cents per hour).

You will need to change your SUTA rate in QuickBooks

before your first payroll in 2012.

QuickBooks ProAdvisor® Program Member

As a QuickBooks ProAdvisor, we are provided with the software, support, information and resources necessary to give the outstanding service and support to our QuickBooks and small business clients.