University of Kentucky Federal Credit Union’s Post

What are ERCs (Employee Retention Credits? The Employee Retention Credit (ERC) is a Payroll Tax Credit Refund designed to reward businesses for retaining employees during COVID-19. Business Owners can receive a refundable credit up to $5,000 per employee in 2020, and $7,000 per employee, per quarter (excluding the 4th quarter), in 2021 for qualified wages.  The total refund can total $26,000. This is NOT a loan. It is a refund check you can spend as you wish. The credit was initially signed into law March 2020 as part of the CARES Act. The credit was later expanded upon with the Consolidated Appropriations Act in December 2020 and the American Rescue Plan Act in June 2021.   If you really feel you qualify, time is running out. You can apply here. Someone will help you find out exactly how much you can obtain. No obligation: https://lnkd.in/gEmeigbg

*********STOP Scrolling********* This is an IMPORTANT Mesage of the PBS (Payroll Broadcasting System)! Employee Retention Tax Credit deadline is about to expire! Your business can’t afford to procrastinate. On Tuesday evening, the House of Representatives passed a bill called The Tax Relief for American Families & Workers Act of 2024. Part of the bill calls to end the Employee Retention Tax Credit (ERTC) program completely on January 31st, 2024. The bill needs to pass through the Senate to be signed into law, however the consensus is that it will pass and it will pass in the next 10 days! What does this mean? Your business may have a tax credit that gives you $26,000 per employee refund, that is in a check and you are going to lose the ERTC tax credit that your business deserve. Do not procrastinate! If you need this stimulus money, We can help. Asure HR, ERTC and Payroll company is a professional processer and we can help you file for this credit before it ends completely. I promise it won’t hurt to have a brief educational conversation about ERTC. But it will hurt to learn you had money due to your business from ERTC and you didn’t call Asure to get your filing in before the deadline. Let’s talk!

I guess this is as good a place as any to say: PAYROLL PAYS WHAT THEY RECEIVE! - We do not make the policies. - We do not determine the rates. - We do not determine the compensation. - We do not determine the tax rates. - We do not set the limits etc., etc. If we do not receive it, we do not pay it. We will not chase you around for the information either. It is your duty as a manager, HR professional or an employee even, to notify payroll of what needs to happen or any changes that need to be made outside of standard practice/procedures. We are not thought readers either. The truth is, the majority of people come to work to receive a paycheck (& health insurance) and not for anything more. Let’s be diligent and make sure that it is done correctly. Thanks for coming to my TED talk.

More resources are available on the HR Connect website as part of our National Payroll Week celebrations, with a simple guide to payslip terms you need to know. Sometimes deciphering all the abbreviations and terminology on your payslip is like trying to read another language. But understanding what it all means is really important – how are you going to spot if you have been paid incorrectly if you do not know what you are looking at? https://lnkd.in/eFcRZrYu #npw23 #choosepayroll #payslip #hrconnect

W2 Employee vs 1099 Employee - What's the real difference?👷♀️👨💼 W2 employees are employees of your business, and you are responsible for withholding taxes, paying payroll taxes, and providing benefits (such as PTO or insurance, however, this is not a requirement!) 👨💻 A 1099 employee is an independent contractor. The same as when you would pay another independent contractor for providing a service, you will NOT withhold taxes, pay payroll taxes, or provide benefits. Figuring out what's a better fit for your business to hire or determining if you want to be a W2 employee or pursue a job that makes you a 1099 independent contractor is entirely dependent on your specific situation. Consult your legal and tax teams to find out what will bring you and your business the best benefits in the long run!✍️💼 #FinancialFreedom #Wealth #W2Employee #1099Employee #FinancialLiteracy #InvestingTips #RealEstate

Can you buy gifts or vouchers for your employees without incurring fringe benefit tax or PAYE? Learn what you can buy and how much you can spend without having to pay FBT or add it to your employees’ remuneration.

Several billing solutions for your benefits. Let us figure out which one best fits your organization or clients’ needs. #benefits #benefitsadministration #billingsolutions

As promised, it's finally here. The Salary Packaging & Salary Sacrifice 2024 calculator. From the website: This calculator is a useful and powerful tool to help employees and employers with salary sacrificing and salary packaging calculations. It shows the employee their net salary both before and after salary packaging and allows them to package up to five different items. It shows employer the before and after costs of providing the salary packaging and it takes into account on costs such as Superannuation, Workers Compensation, Payroll Tax and Fringe Benefits Tax. It also reminds the employer when to start and cease the salary packaging arrangements. Simple to use, you answer a series of compulsory questions, then review the calculation page for a detailed and comprehensive analysis. Link here and go to Products - https://lnkd.in/gCgiSBNk

HMRC has announced that from April 2026, reporting and remitting income tax and Class 1A National Insurance Contributions (NIC) on benefits in kind via payroll will be mandatory.    If you’re an employer, read our latest blog to understand:     🔄 The current status of payrolling benefits in kind  🔍 What's changing?   🔑 Key considerations for employers    https://lnkd.in/eww5_8Zt   #UKBusiness #HMRC #payroll #benefitsinkind #taxcompliance 

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000 threshold that have not already been subjected to Class 1 NICs deductions. There’s no employee contribution payable for Class 1A NICs. #NIC #Class1aNIC