TelePay Insurance

The Tax Corner - April 2015

By Nancy Espinoza, Tax Manager Required Paperwork for Newly Hired Employees In order to stay compliant with the various government agencies, employers should be aware of necessary paperwork required when hiring new employees: Under the Immigration Reform and Control Act of 1986, all employers are required to verify the identity and the eligibility of employees to work in the United States using Form I-9. The current Form I-9 can be accessed by clicking here . For details on how to complete the f...
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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

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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