By Les Smeach on January 17, 2012
Times are tough out there and here is some advice that you may have forgotten about or didn’t know. A person can collect Social Security benefits based on his/her own earnings history, or 50% of his/her former spouse’s benefit if it is greater than his/her own, or 100% if the former spouse is deceased.
In certain cases this could be some extra and meaningful money. If the following criteria apply to you or someone you know, then you may have good news for yourself or that someone you think this might apply too:
- Eligibility of a higher Social Security benefit based on a former spouse’s earnings record can be obtained if the marriage lasted at least 10 years , and
- You are at least 62, unmarried and your former spouse is collecting benefits, or
- You have been divorced at least two years, your former spouse isn’t collecting benefits and you are both over 62, or
- You are over 60 and your former spouse has died, or
- Your spouse or former spouse delayed taking Social Security until after his/her full retirement age.
- The Social Security Administration can answer initial questions about a benefits review @ 800-772-1213; the agency’s web-site (www.ssa.gov) has details.
Posted in Confidence, Pension, Uncategorized | Tagged past divorce, retirement income, social security |
By Sharon Sledzik on January 11, 2012
The IRS has officially announced that the tax deadline for 2011 individual tax returns is Tuesday, April 17, 2012. The usual deadline of April 15 is on Sunday, and the 16th is Emancipation Day, an observed holiday in the District of Columbia. 2012 is also a leap year where February has 29 days in order to keep our Gregorian calendar year in synch with the astronomical year. So that means we all have three more days to gather our tax information, fret about getting taxes prepared, or delay any tax payments!
And not to worry, the State of Ohio and RITA have both issued statements that they will follow the federal guidelines. This means state and certain city returns also have the extended deadline.
Now we don’t have to take the government up on this extension–we encourage early filing in order to claim any tax refunds! Don’t let them have your money any longer than necessary
Posted in Tax | Tagged tax deadline |
By Kelly Nizzer Bates on December 7, 2011
Many employers offer company-paid group-term life insurance to team members. There are no tax consequences if the total amount of such policies does not exceed $50,000. However, coverage in excess of $50,000 must be included in income, using the IRS premium table. The calculated amount is then subject to Social Security and Medicare taxes.
Figure the monthly cost of the insurance to include in the employee’s wages by multiplying the number of thousands of dollars of all insurance coverage over $50,000. You must prorate the cost from the table if less than a full month of coverage is involved. The total cost is then figured by multiplying the monthly cost by the number of full months coverage was received by the employee.
IRS Premium Table
| Cost Per $1,000 of Protection For 1 Month | Cost $ |
| Under 25 | .05 |
| 25 through 29 | .06 |
| 30 through 34 | .08 |
| 35 through 39 | .09 |
| 40 through 44 | .10 |
| 45 through 49 | .15 |
| 50 through 54 | .23 |
| 55 through 59 | .43 |
| 60 through 64 | .66 |
| 65 through 69 | 1.27 |
70 and older
| 2.06
|
Be sure to contact your payroll provider if you provide group-term life insurance in excess of $50,000 so these tax implications can be processed by year end. For additional information on Fringe Benefits see IRS Publication 15-B
Posted in Accounting, Human Resources | Tagged group life insurance |
By Tom Hager on December 6, 2011
Over the past couple of months we have had several clients who have received phone calls from the DOL (Department of Labor). That may not seem like an important event, but during my many years in this business, I can only remember one such phone call received by a client.
Wage and hour audits are on the rise. Audits usually occur when a former or current employee files a complaint or the DOL has targeted a specific industry. Most cases revolve around the classification of employees as exempt, allowing employees to work off the clock, unpaid breaks, not keeping accurate time sheets, or whether the proper overtime wages were paid. The audits are designed to reveal any complaints that employees may have.
After the audit is complete, you have the option of settling the findings or litigating the findings. The bottom line is that this process is no fun, takes a lot of time, and could cost an employer significant dollars. You should review your employment practices to make sure they comply with the Fair Labor Standards Act. If you receive that initial phone call, follow this advice:
- Treat the investigator with courtesy and respect.
- Get the investigator’s credentials.
- Do not divulge any information.
- Most importantly–CALL YOUR ATTORNEY
Posted in Confidence, Human Resources | Tagged department of labor audits, labor audits |
