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Payroll Processing & HR Services

Payroll

Here’s the maximum you can save in your 401(k) plan in 2021

If you’re signing up for next year’s workplace 401(k) plan benefits, now is the best time to develop a strategy for increasing your savings. Benefits season also happens to coincide with the annual IRS release of the 2021 maximum contribution limits for certain tax-advantaged accounts, including your 401(k) plan, individual retirement account and healthcare flexible spending accounts. […]

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Follow DOL Guidance When Reducing Salaries During the Pandemic

salary-reduction

The Basic Rules Under the federal Fair Labor Standards Act (FLSA), an employer can generally reduce exempt employees’ regular salary for COVID-19-related reasons. However, the reduction cannot be made after the fact or based on the employer’s day-to-day or week-to-week needs, according to the DOL. “In other words, exempt employees must be paid their predetermined […]

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Employee Social Security Tax Deferral

President Trump’s payroll tax deferral plan allows employers to suspend collection of the employee’s Social Security payroll taxes is in effect through Dec. 31. Below is a summary of the IRS issued guidance on the repayment of deferred employee Social Security taxes under President Trump’s Executive Order signed on August 8, 2020. Employers should consider […]

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COVID-19 Employer Resources and Compliance Toolkit

During these uncertain times, Miami Payroll Center is keeping up to date on all legislative and tax related responses to the COVID-19 crisis as they relate to small businesses and their employees. As additional information becomes available from related government agencies such as the Department of Labor and the IRS, this page will be updated accordingly. […]

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2018 Florida Minimum Wage Changes

FLSA

Effective January 1, 2018, the minimum wage increased from $8.10 to $8.25 per hour for most employees in Florida, with exceptions for tipped employees, some student workers, and other exempt occupations. The federal minimum wage is $7.25. The annual calculation is based on the percentage increase in the federal Consumer Price Index for Urban Wage […]

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The Tax Cuts are Coming

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act of 2017 bringing with it a slew of changes to the corporate and personal tax code. One of the impacts of the new law is the reduction in payroll tax withholding rates for 2018. The IRS is currently working to develop […]

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Hurricane Irma & Our Operations

As we all work to recover from the damage caused by Hurricane Irma, know that Miami Payroll Center is here for you. It’s what family does. We are open and operating out of our satellite offices which do have electricity. Your employees will get paid, and its one less thing you should have to worry […]

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