Thinking Beyond The Paycheck
Thursday, April 26, 2012
Thursday, April 19, 2012
An Update on Our Rebranding Process...
Effective on May 1, 2012, NPD Payroll and First Global Merchant Services will unite to become PayHub. This is a name that better encapsulates our products, services and primary objective of helping our customers.
Here at NPD, we are very excited about this merger with First Global. We have been working hard to get our name out there and announcing the merge.
“The transition from NPD Payroll to PayHub has been very easy for the staff, and we are working to make it just as easy for our clients. I think they will very pleased to find that they do not have too much change to adapt to,” says Katie Gawrych, an NPD Payroll Processor.
Our new website is close to being finished and accessible! We will continue to keep you updated as we move closer to our live merger date, May 1, 2012. In the meantime, check out our new social media pages!
Sincerely,
NPD Payroll and First Global Merchant Services
Thursday, April 12, 2012
Thursday, April 5, 2012
Exciting News!!
Dear Valued Client,
We at NPD Payroll, LLC are pleased to announce our forthcoming merger with First Global Merchant Services, which is scheduled to take place on May 1, 2012. On that date our combined firm will begin conducting business as PayHub. We will continue to operate with the same management, staff, phone number and location!
One paycheck at a time since 2000, NPD Payroll has been providing a wide range of businesses with unparalleled payroll services. After creating a strong and successful client base, there was an increasing request for a payment processing solution that provided the same quality of service. First Global Merchant Services was then established in 2008. From 2008 until today, First Global Merchant Services has been providing exceptional services to businesses by supplying them with a cost effective way to accept credit, debit and gift card payments. Additionally, FGMS has maintained a strong focus on educating clients on the payment processing industry. Since 2008, NPD and First Global have been working side by side at 200 Fisher Drive Avon, CT, creating a space for businesses to have a “one-stop-shop” full of customized business solutions.
We have decided to seek a merger with First Global Merchant Services because we believe that a larger organization will allow us to provide a wider array of services to you, our valued clients. We are looking forward to being able to provide you with new services in the future that will add value to your business. However, we want to assure you that there will also be many services that will not change:
* You will continue to work with the same people in our firm that you have in the past.
* Our fee structure will not change.
* The services that we have provided to you in the past will continue.
If you have any questions about this exciting news and what it will mean for you, please feel free to reach out to any one of us at any time. We look forward to introducing you to our expanded team here at PayHub! We are grateful to you for your continued loyalty and trust in us. We are confident that this merger will serve us all well. We will continue to keep you updated as we move closer to our live merger date, May 1, 2012.
Sincerely,
Thursday, March 29, 2012
From the IRS: Hiring Employees
The IRS has provided an article on important information you need to attain and keep secure when hiring employees.
The employee's name and Social Security Number must be documented on their W-2 Form, and they should provide their Social Security Card for proof. Do not accept an ITIN in place of a social security number because an ITIN is only for employees not eligible to work in the United States and need to provide identification for tax reasons. An ITIN can be identified as a 9-digit number, beginning with the number 9. Social Security numbers have not reached beginning with the number 9 yet.
Read more here
The employee's name and Social Security Number must be documented on their W-2 Form, and they should provide their Social Security Card for proof. Do not accept an ITIN in place of a social security number because an ITIN is only for employees not eligible to work in the United States and need to provide identification for tax reasons. An ITIN can be identified as a 9-digit number, beginning with the number 9. Social Security numbers have not reached beginning with the number 9 yet.
Read more here
Monday, March 19, 2012
ACTION REQUIRED: IRS FORM 8821
March 19, 2012
Dear Clients,
The Internal Revenue Service requires employers to fill out and send an updated 8821 form every three years. The 8821 form authorizes a staff member from NPD Payroll to receive, inspect, and/or communicate your company’s payroll tax information with the IRS on your behalf. 2012 starts a new three year period, and as a result NPD Payroll needs to resubmit updated 8821 forms to the IRS. Please see the attached 8821 form for your company.
*** Kindly have an owner or authorized individual sign, date, and title the form where indicated.***
Please email, fax, or mail the completed form to your payroll processor at your earliest convenience.
If you have any questions, please do not hesitate to call our office at 860-284-0152.
Thank you,
Malini, Nicolle, Lisa and Katie
Phone: (860) 284-0152
Fax: (860) 677-4748
Email: info@npdpay.com
Thursday, March 15, 2012
Americans will be Spending more "Green" this St. Patrick's Day
This year, St. Patrick's Day falls on a Saturday, which means more Americans will be celebrating as opposed to if it were on a weekday. This is great news for bars and retailers who will be bringing in more revenue as people buy "Irish" merchandise and beverages. While you will have more freedom to have fun without worrying about going to work the next day, you need to keep an eye on how much your "fun" is costing you. There are ways to save money, and still have a good time this Saturday. One way is to make your own t-shirt! Retailers are selling thousands of "Irish", drinking, and shamrock shirts for around $30. Instead, make your own shirt for as low as $10! Throw a party at your house and avoid being overcharged at bars. There are some big St. Patrick's Day parades as well this weekend, which are free of charge and major events. New York City's parade is Saturday and South Boston's is Sunday. Both are spectacular events and won't cost you a dime to see! Your goal this weekend can be to wear more green than spend green.
Thursday, March 8, 2012
Poor Huskies :(
We were sad to see the UConn Huskies lose to the Syracuse Orangemen today in the Big East Tournament. The score was close the entire game, but in the end, Syracuse came out on top. Better luck in the NCAA Tournament Huskies! We love March Madness here at NPD Payroll!
Wednesday, February 29, 2012
Payroll News!
Last week, congress elected to extend the payroll tax cut on social security taxes through the remainder of 2012. Therefore, all employees will continue to contribute 4.2% of their gross pay to social security tax. The employer share of social security taxes will remain at 6.2%.
Below is a link to an article on Fox News regarding this bill, which has just been signed into law by the President.
Thursday, February 23, 2012
Thursday, February 16, 2012
Holiday Reminder from NPD Payroll
The Banks will be closed on Monday, February 20th for Presidents’ Day.
To All Who Use Direct Deposit:
Any payrolls dated Monday, February 20th will have to be dated Friday, February 17th. Please have your payroll to us by Wednesday, February 15th no later than , for a timely direct deposit.
For those who have a check date of Tuesday, February 21st, please have your payroll to us by Thursday, February 16th by , for a timely direct deposit.
To those who have a check date of Wednesday, February 22nd, please have your payroll to us by Friday, February 17th by for a timely direct deposit.
If you are not able to submit your payroll by any of the specified dates above, please be aware that we will have to move your check date forward by one day. Please let us know what will work best for your company.
If you have any questions, please do not hesitate to call our office at 860-284-0152
Thank you,
NPD Payroll
Thursday, February 9, 2012
Special Announcement from NPD Payroll & Nathan Accounting Group
Nathan Accounting Group & NPD Payroll welcomes Daniel Kaufman to the team!
Thursday, February 2, 2012
Taxpayers Carrying the 2012 Super Bowl
Hosting the Super Bowl is not a cheap gig. On Sunday, February 5, 2012, the most anticipated sports event of the year will be held in Indianapolis at the $720 million Lucas Oil Stadium. Due to hosting this huge event, the stadium has prompted local officials to raise hotel, rental car and restaurant taxes, plus other payments of about $43 million in unexpected financing costs.
Public funding for sports venues cost taxpayers an average of 40 percent more than the stated price for each of the 99 NFL stadiums built through 2001. According to Dan Huge, the chief financial officer of the Capitol Improvement Board, the organization has been successful in raising the revenue it needed to continue operating because of taxes on out-of-town guests. The hotel tax in Marion County, which encompasses Indianapolis, was raised to 9 percent from 6 percent, on top of a 6 percent state tax. Rental car taxes doubled to 4 percent, food and beverage tax was raised to 2 percent and surrounding counties added a 1 percent restaurant tax.
For this week leading up to the Super Bowl, an 800-foot zip line has been set up over part of downtown Indianapolis, to create what the city is calling the “Epicenter of Awesome.” Other attractions include a nightly light and pyrotechnics show, free concerts and ice sculptures. There is no question that the money being spent on the game and the stadium could be used for more important needs. The CIB expects to lose about $800,000 hosting the game, after paying for things like extra workers, maintenance, legal services, utilities and snow removal.
“The public still hasn’t had full disclosure of what it’s going to cost,” said Pat Andrews, the former Indianapolis City Council candidate. “It’s going to have to come out of services. And we don’t have any extra cash lying around.”
NFL owners voted in 2008 to hold the 2012 Super Bowl in Indianapolis, with the hope that the game will have a potential economic impact of $286 million.
Read the full article here
Thursday, January 26, 2012
Exciting Client News
NPD Payroll wants to use this post to congratulate our client, Mitchell D. Weiss, on his recently published book Life Happens. The book will be available on Amazon, formatted for the Kindle Fire, Barnes & Noble, formatted for the Nook, and will soon be available on iBooks for the iPad. Postings of upcoming interviews with Weiss will be on the books website, as well as Facebook, Google+and Twitter. Weiss' blog posts can be found on his Tumblr.
Congratulations Mitchell on this exciting achievement!
You can find more information about Life Happens on Weiss' website: http://www.mitchelldweiss.com/
Congratulations Mitchell on this exciting achievement!
You can find more information about Life Happens on Weiss' website: http://www.mitchelldweiss.com/
Thursday, January 19, 2012
The Difference Between 1099s and W-2s
1099s and W-2s will be received in February, so it is important to understand ahead of time the difference between the two forms. The employee who receives a W-2 will have paid state and federal taxes through automatic deductions from their paycheck all year and the 1099 employee will have paid quarterly federal and state income tax payments themselves.
Here is a simple layout of the differences between 1099s and W-2s.
The W-2 Employee
The 1099 Employee
Here is a simple layout of the differences between 1099s and W-2s.
The W-2 Employee
- Is paid on an hourly or salaried basis.
- Has no pre-determined or agreed-upon end date to employment.
- Upon hiring, fills out a W4 form.
- Receives a W-2 tax form, which includes wages, tips and commissions earned by the employee in the previous year, as well as the total amounts paid to state, local and federal government(s).
The 1099 Employee
- Is hired on a contractual or project basis with an end date or agreed upon end to employment.
- Upon hiring, fills out a W9 form.
- Receives a 1099 tax form, which includes the total compensation that the employee received in the previous year without any payments to state, local and federal government(s).
- Is responsible for paying quarterly taxes throughout the previous year, which pay for state, local and federal tax responsibility.
- The 1099 form is also used to record prize money or royalties as a form of income that is subject to taxation.
Thursday, January 12, 2012
Taxpayer Checklist
In order for taxpayers to stay on top of their finances in 2012, it may be helpful to keep a tax check list.
The first priority should be to create an organized section to keep taxes and receipts. Use lots of labels, file folders, and drawers to keep the year's records.
Download a 2012 tax calendar online, complete with 2012 tax deadlines. Print it out, or keep it on the desktop of your computer.
If you have moved over the past year, make sure you have updated your address with everyone who is expected to send you tax documents.
If your name changed in 2011 from a marriage or divorce, you MUST remember to notify the Social Security Administration so you will be able to e-file your tax return under the new name.
Since Congress extended the 2% reduction of Social Security taxes from paychecks for only 2 months, consider filing a W-4 with your employer now and in March.
Remember you are still responsible for sending household employees their W-2s in January, even though the IRS offers a short cut for paying taxes for them.
Send out 1099-MISCs to anyone who was paid $600 or more for their services during the year.
The new 1099-K form is only for a banking related organization that settles payments related to merchant card transactions.
Make sure all medical refunds have been received if you did not spend enough money on medical care during the year. Turn in all receipts immediately, or contact your FSA administrator to find out if you have extra time.
Remember that January 17th is the 2011 estimated tax payments deadline!
Finally, make time to learn from your 2011 finances and make a list of improvements for 2012.
Read the full article here
The first priority should be to create an organized section to keep taxes and receipts. Use lots of labels, file folders, and drawers to keep the year's records.
Download a 2012 tax calendar online, complete with 2012 tax deadlines. Print it out, or keep it on the desktop of your computer.
If you have moved over the past year, make sure you have updated your address with everyone who is expected to send you tax documents.
If your name changed in 2011 from a marriage or divorce, you MUST remember to notify the Social Security Administration so you will be able to e-file your tax return under the new name.
Since Congress extended the 2% reduction of Social Security taxes from paychecks for only 2 months, consider filing a W-4 with your employer now and in March.
Remember you are still responsible for sending household employees their W-2s in January, even though the IRS offers a short cut for paying taxes for them.
Send out 1099-MISCs to anyone who was paid $600 or more for their services during the year.
The new 1099-K form is only for a banking related organization that settles payments related to merchant card transactions.
Make sure all medical refunds have been received if you did not spend enough money on medical care during the year. Turn in all receipts immediately, or contact your FSA administrator to find out if you have extra time.
Remember that January 17th is the 2011 estimated tax payments deadline!
Finally, make time to learn from your 2011 finances and make a list of improvements for 2012.
Read the full article here
Thursday, January 5, 2012
From the NPD Payroll Newsletter!
NPD Payroll wants to share with our readers a few 2012 reminders of important new tax laws.
Change to Social Security Taxable Wage Base for 2012Beginning on January 1, 2012, the taxable social security wage base will increase from $106,800.00 to $110,100.00 for each employee. All wages remain taxable for Medicare.
Bill Passed to Temporarily Extended Payroll Tax Cut regarding Employee Social Security Tax
The Employee contribution to Social Security will remain at 4.2% for January and February of 2012. Beginning March 1, 2012, the rate is scheduled to increase tp 6.2%, however there is a possibility of an extension through 2012.
New language is called to be inserted into the bill to protect employers:
Wages are subject only to the full 2012 wage base ($110,100) and without regard to the $18,350 cap (two-twelfths of the wage base of $110,100) on wages earned through the end of February, 2012.
If an employee's wages during the first two months of 2012 exceed $18,350, and the payroll tax reduction is not extended for the remainder of 2012, an amount equal to 2% of those excess wages would ultimately be recaptured on the worker's individual tax return 2012.
Att: Any employers with ANY service employees who employ 50 or more individuals CT NEW Paid Sick Leave Law beginning January 1,2012
This law has many provisions, so please refer to the CT Dept. of Labor website at http://www.ctdol.state.ct.us/wgwkstnd/SickLeave.htm .
Employers who are liable have:A business located in CT, 50 or more employees, and at least one service employee (please refer to DOL for definition of service employee). For liable employers, beginning January 1, al eligible service employees will receive one hour of paid sick leave time for every 40 hours worked. We STRONGLY encourage all liable employers to attend the next DOL seminar to learn about all of the intricacies of this new law to ensure compliance. Please refer to the CT DOL website for details on the law and next seminar (1/12/12). Please also feel free to reach out to NPD with further questions.
State Law Updates
January 1, 2012: Florida minimum wage rate of $7.31 per hour will increase to $7.67 per hour.
January 1, 2012: Arizona minimum wage rate of $7.35 per hour will increase to $7.65 per hour.
Minimum wage for CT will remain the same at $8.25 per hour for 2012.
401K Contributions
Contribution limits to a 401K in 2012 will increase by $500.00 to $17,000.00 annually. Catch-up contributions (age 50 or older at any point in 2012) will cap at $5,500.00 for the year, for a total of $22,500.00.
Standard Mileage Rates 2012
Standard Mileage Rates for use of a car (also vans, pickups or panel trucks) will remain at 55.5 cents per mile for business miles. Mileage rates for medical or moving purposes will be 23 cents per mile. Mileage rates for services of charitable organizations will be 14 cents per mile.
Please Note: 2012 CT and Federal W-4 now available
The new Connecticut W-4's for 2012 have been released by the Connecticut Department of Revenue. You can access these forms here: http://www.ct.gov/drs/lib/drs/forms/2012withholding/ct-w4.pdf , or by accessing "ct.gov/drs" and clicking "forms" at the top of the page. Then click "Businesses" and then "Withholding Tax: 2012 forms".
The new Federal W-4's for 2012 have been released by the IRS as well.
You can access these forms here: http://www.irs.gov/pub/irs-pdf/fw4.pdf .
Change to Social Security Taxable Wage Base for 2012Beginning on January 1, 2012, the taxable social security wage base will increase from $106,800.00 to $110,100.00 for each employee. All wages remain taxable for Medicare.
Bill Passed to Temporarily Extended Payroll Tax Cut regarding Employee Social Security Tax
The Employee contribution to Social Security will remain at 4.2% for January and February of 2012. Beginning March 1, 2012, the rate is scheduled to increase tp 6.2%, however there is a possibility of an extension through 2012.
New language is called to be inserted into the bill to protect employers:
Wages are subject only to the full 2012 wage base ($110,100) and without regard to the $18,350 cap (two-twelfths of the wage base of $110,100) on wages earned through the end of February, 2012.
If an employee's wages during the first two months of 2012 exceed $18,350, and the payroll tax reduction is not extended for the remainder of 2012, an amount equal to 2% of those excess wages would ultimately be recaptured on the worker's individual tax return 2012.
Att: Any employers with ANY service employees who employ 50 or more individuals CT NEW Paid Sick Leave Law beginning January 1,2012
This law has many provisions, so please refer to the CT Dept. of Labor website at http://www.ctdol.state.ct.us/wgwkstnd/SickLeave.htm .
Employers who are liable have:A business located in CT, 50 or more employees, and at least one service employee (please refer to DOL for definition of service employee). For liable employers, beginning January 1, al eligible service employees will receive one hour of paid sick leave time for every 40 hours worked. We STRONGLY encourage all liable employers to attend the next DOL seminar to learn about all of the intricacies of this new law to ensure compliance. Please refer to the CT DOL website for details on the law and next seminar (1/12/12). Please also feel free to reach out to NPD with further questions.
State Law Updates
January 1, 2012: Florida minimum wage rate of $7.31 per hour will increase to $7.67 per hour.
January 1, 2012: Arizona minimum wage rate of $7.35 per hour will increase to $7.65 per hour.
Minimum wage for CT will remain the same at $8.25 per hour for 2012.
401K Contributions
Contribution limits to a 401K in 2012 will increase by $500.00 to $17,000.00 annually. Catch-up contributions (age 50 or older at any point in 2012) will cap at $5,500.00 for the year, for a total of $22,500.00.
Standard Mileage Rates 2012
Standard Mileage Rates for use of a car (also vans, pickups or panel trucks) will remain at 55.5 cents per mile for business miles. Mileage rates for medical or moving purposes will be 23 cents per mile. Mileage rates for services of charitable organizations will be 14 cents per mile.
Please Note: 2012 CT and Federal W-4 now available
The new Connecticut W-4's for 2012 have been released by the Connecticut Department of Revenue. You can access these forms here: http://www.ct.gov/drs/lib/drs/forms/2012withholding/ct-w4.pdf , or by accessing "ct.gov/drs" and clicking "forms" at the top of the page. Then click "Businesses" and then "Withholding Tax: 2012 forms".
The new Federal W-4's for 2012 have been released by the IRS as well.
You can access these forms here: http://www.irs.gov/pub/irs-pdf/fw4.pdf .
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