TelePay Insurance

The Tax Corner - March 2015

IRS Releases Initial Guidance for High-Cost Healthcare Plans On February 24, 2015, the Internal Revenue Service released a notice which offers initial guidance on the Affordable Care Act's 40 percent excise tax on high-cost health plans. The tax will be effective in 2018 for so-called “Cadillac” healthcare plans. The IRS notice addresses the definition of applicable coverage and describes how the cost of applicable coverage is determined. Click here to view the notice.   Department of Labor...
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TelePay Insurance

The Tax Corner - February 2015

By Nancy Espinoza, Tax Manager IRS Releases Updated Affordable Care Act “Shared Responsibility” Information In January 2015, the IRS released updated information on the employer shared responsibility provisions of the ACA (Affordable Care Act) which became effective as of January 1, 2015. The IRS encourages employers to be prepared and to make decisions regarding the health insurance coverage offered to their employees. No employer shared responsibility payments will be due for 2014. For more in...
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TelePay Insurance

Did You Know - Workers' Compensation

By Tom Olsen, VP of Sales To kick off 2015, we are offering a workers’ compensation promotion for all of our clients. If you use TelePay Insurance for your workers’ comp needs, you will receive a 20% discount on your payroll service . Our pay-as-you-go service allows you to pay exact premiums at the time of payroll instead of estimated amounts each month or quarter. This means that come audit time, there will be no big surprises of either owing a large amount of money or being overcharged by you...
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TelePay Insurance

Independent Contractor (Self-Employed) or Employee?

It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors. Select the Scenario that Applies to You: I am an independent contractor or in business for myself If you are a bu...
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TelePay Insurance

President's Day Holiday Schedule

By Josh Contant, Facilities and Logistics Manager Monday, February 16 th is President’s Day.  Banks & Post Office are closed. TelePayroll will be open normal business hours. Direct Deposit Reminder: Any net pay to be credited to employee accounts on Monday, February 16, 2015 will not be credited to employee accounts until Tuesday, February 17 th due to the bank holiday. If you want to credit employee accounts on Friday, February 13 th  before the holiday, your payroll must be received by Thu...
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TelePay Insurance

The Tax Corner - January 2015

 By Nancy Espinoza, Tax Manager IRS Releases 2015 Form W-4 The IRS has released the new 2015 W-4 form.  To access the form online, click here Employees who claimed exempt for 2014 must submit a new 2015 W-4 to employers by Feb. 18 to maintain their exempt status. If an employee fails to sign a 2015 W-4 showing exempt, the employer should withhold taxes for the employee based on a single with no exemption status. IRS Raises 2015 Standard Business Mileage Rate The standard business mileage rate fo...
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